TECH - Intel Delays $20B Chip-Manufacturing Ohio Project Amid Market Challenges | Benzinga
Intel Corporation (NASDAQ:INTC) has postponed its $20 billion chip-manufacturing project in Ohio due to market difficulties and slow government funding.
What Happened: While the initial timeline for chip-making was set for next year, construction completion is now expected by late 2026, reported the Wall Street Journal, citing people involved in the project. The commencement of chip production will follow the installation of complex machinery required for advanced semiconductors.
“While we will not meet the aggressive 2025 production goal that we anticipated when we first announced the selection of Ohio in January, 2022, construction has been underway since breaking ground in late 2022 and we have not made any recent changes to our pace of construction or anticipated timelines,” an Intel spokesperson told Benzinga.
The company originally targeted production in 2025, but the timeline was contingent on government funding.
“We remain fully committed to the project and are continuing to make ...