Intel invests in its massive expansion
The company plans to spend more money on building semiconductors and less on stock buybacks
Stocks impacted: Intel Corp (INTC)
The global computing giant continues to expand its significant presence in Israel. Last week, the company said it would build a $200-million campus in Haifa. Now, Intel invests $400 million to turn its Jerusalem Mobileye unit into an R&D campus for developing self-driving car technologies. Also, the firm announced it will spend $3.5 billion to upgrade its factory in New Mexico as part of a plan to expand domestic manufacturing investments. It has already said it will spend $20 billion to build two new factories in Arizona. The giant also noted that it plans to spend more money on building semiconductors and less on stock buybacks. Intel shares are up 15% year to date. The firm’s stocks finished 1.29% lower on Friday.
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