Intel to Invest Up to $95 Billion in European Chip-Making Amid U.S. Expansion

Intel Corp. plans to build new chip-making facilities in Europe valued at up to $95 billion, responding to a cross-border race to add manufacturing capacity at a time of a global chip-supply crunch.

Intel Chief Executive Officer Pat Gelsinger Tuesday said the company was planning two chip factories at a new site in Europe and could potentially expand it further, with the increases raising the total investment over about a decade to the equivalent of as much as 80 billion euros. The facilities would cater to meteoric demand for semiconductors as computers, cars and gadgets become more chip-hungry.