Intel to Spend $7 Billion for Factory in Arizona
Intel’s (NASDAQ: INTC – $36.38) chief executive Brian Krzanich announced the company will invest $7 billion to build a new factory in Arizona after meeting with President Trump in the Oval Office. The company believes the new facility in Chandler, which will employ up to 3,000 people, will add another 7,000 jobs with indirect impact. Krzanich said the company had considering building the factory for several years, but the president’s planned tax cuts and plans to roll back some federal regulations prompted them to push ahead with the project. The new facility will build 7 nanometer chips, a new generation of ultra-small circuitry, which the company is boasting as “the most powerful computer chips on the planet”. The shares, yielding nearly 2.9%, can be held in a well-diversified income account.