Italy PM To Meet Intel Over Multibillion-Euro Chip Investment – Intel (NASDAQ:INTC)

  • Italian Prime Minister Giorgia Meloni Intel INTC To discuss potential multi-billion euro investments in Italy by US chip makers.
  • Reuters reports that Intel will build a chip factory in the country as part of a broader plan to invest up to €80 billion ($85.15 billion) over the next decade to build capacity across Europe. I was aiming for that.
  • The deal, which has not yet been finalized, could involve state subsidies.
  • “In the coming days, we are planning a meeting to ask what can be done to encourage investment in Italy,” Meloni said at a year-end press conference, according to Reuters.
  • As of March, Italy aims to allocate more than €4 billion ($4.6 billion) by 2030 to boost domestic chip manufacturing, and is looking to attract more investment from tech companies such as Intel.
  • Brussels has made available an additional €15 billion of public and private investment by 2030, on top of €30 billion of public investment.
  • As of August, Italy was nearing a deal with Intel to build an advanced semiconductor packaging and assembly plant in the country.
  • The deal was originally valued at $5 billion.
  • Price action: INTC shares Thursday closed 2.62% higher at $26.21.

Source link

Leave a Reply

%d bloggers like this: