Technology company and world’s largest semiconductor chip manufacturer Intel Corp. (INTC) says that its upcoming $20 billion Ohio factory could arguably become the world’s largest chip manufacturing plant.
Late last week, the company said it will be spending $100 billion to build world’s largest chip manufacturing facility in Ohio. The company will be taking this measure so as to address the global shortage of semiconductors which has been largely affecting the automobile and smartphone industries.
The company’s chief executive officer, Pat Gelsinger, says this development is a strategy to restore the company’s dominance in chip making and reduce United States’ reliance on Asian manufacturing hubs, which have a tight hold on the market.
“An initial $20 billion investment, the largest in Ohio’s history on a 1,000-acre site in New Albany will create 3,000 jobs. That could grow to $100 billion with eight total fabrication plants and would be the largest investment on record in Ohio,” said the CEO.
President’s Biden administration has been persuading the Congress to approve $52 billion in subsidy funding to ramp up chip production in the United States.
“China is doing everything it can to take over the global market so they can try to out compete the rest of us,” said Biden. Gelsinger says even minus the government funding, Intel will still build Ohio factory however, it won’t happen as fast and it’s not going to grow as big as quickly.