The world’s largest processor maker company Intel will spend 20 Billion Dollars to develop two new chip plants in the United States.

As per reports, this decision will increase the production of chips in the US and Europe. The move comes after the shortage of the semi-conductor, which are used in a growing array of products such as cars.

Secretary of Commerce Gina Raimondo said in a statement that,

“Intel’s investment will help to preserve US technology innovation and leadership, strengthen US economic and national security, and protect and grow thousands of high-tech, high-wage American jobs.”

Intel chief executive Pat Gelsinger announced the investment during a virtual press conference about the firm’s new strategy as they are facing hard competition, and they should come up with new ways to tackle the situation.

Gelsinger said in his statement,

“Intel is the only company with the depth and breadth of software, silicon and platforms, packaging, and process with at-scale manufacturing customers can depend on for their next-generation innovations.”

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