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Intel will invest $3.5 billion in New Mexico chip factory

Intel said on Sunday that it will spend $3.5 billion on an upgrade for its factory in New Mexico as part of a plan to expand the company’s domestic manufacturing investments. Intel CEO Pat Gelsinger, who took over as CEO on February 15, appeared on 60 Minutes for a segment where the company made the announcement. President Joseph Biden has pledged to provide $50 billion in support for the U.S. chip industry as part of an effort to make the industry more competitive. He said the chip industry is critical and more of it should be on American soil. He acknowledge that Intel stumbled in both chip design and manufacturing, and it may take a couple of years for Intel to catch up.

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