Read How Brexit Led To Intel Scrapping UK Plant - Intel (NASDAQ:INTC)

Intel Corp INTC CEO Pat Gelsinger dumped the idea of the U.K. factory due to Brexit, BBC reports.
Gelsinger cited the absence of the U.K. for the change of mind. "I have no idea whether we would have had a superior site from the U.K.," he said. "But we now have about 70 proposals for sites across Europe from maybe ten different countries.
Intel previously planned to build at least two new semiconductor factories in Europe with investments up to $95 billion over the next decade.
He said things would "incrementally" improve next year but were unlikely to stabilize until 2023.
The U.S. only produces around 12% of the world's semiconductors, while Korea's Samsung and Taiwan Semiconductor Manufacturing Co Ltd TSM account for 70% of global supply.
TSM will spend $100 billion increasing capacity over the next three years while Samsung Electronics Co Ltd SSNLF will invest $205 billion.
"There is some possibility that there may be a few IOUs under the Christmas trees around the world this year," he said.
Price Action: INTC shares traded higher by 1.13% at $54.59 on the last check Thursday.