Action Investments Limited: Intel Receives $3.2 Billion in Israeli Chip Plant Grants

The stock of Intel (INTC) rose on Tuesday after the Israeli government handed the semiconductor company $3.2 billion in incentives for a $25 billion chip manufacturing factory.
SHEUNG WAN, Hong Kong - Dec. 26, 2023 - PRLog -- The business intends to expand its activities at its Kiryat Gat facility, where it currently operates a chip manufacturing. The move is an essential component of Intel's efforts to build a more robust global supply chain, and it complements existing and future manufacturing expansions in the United States and Europe, according to the firm.

According to Vice President Daniel Benatar, Jerusalem's assistance assures that Israel remains a worldwide hub of semiconductor technology and expertise.

According to Israel's Finance Minister Bezalel Smotrich, the investment "will promote quality employment with high productivity in the peripheral settlements and will affect the growth of the Israeli economy."

Prime Minister Benjamin Netanyahu announced the arrangement in June, calling it the largest-ever foreign investment in Israeli history.

The announcement propelled Intel shares to their highest level since March 2022, with shares up almost 4.7% at of 11:30 a.m. Eastern Time.

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