PSL6 2021

Intel investing $3.5B in New Mexico fab upgrade, boosting US chipmaking

The plant will make processors using Intel's Foveros stacking technology. Along with $20 billion for two new Arizona fabs, it's part of CEO Pat Gelsinger's turnaround plan.

Intel plans to spend $3.5 billion upgrading its chipmaking plant in Rio Rancho, New Mexico.

Intel

Intel on Monday announced a $3.5 billion upgrade to a chip manufacturing plant in Rio Rancho, New Mexico, that will boost a processor stacking technology called Foveros. That spending, combined with $20 billion to build two new facilities in Arizona, is part of a major effort by Intel to rejuvenate its manufacturing.

The chipmaker on Sunday confirmed the upgrade plan, first reported on CBS' 60 Minutes, and said Monday it'll mean 700 new jobs at the site over the next three years. Intel manufacturing chief Keyvan Esfarjani detailed the plan at a press conference with New Mexico Gov. Michelle Lujan Grisham, New Mexico's two senators, Martin Heinrich and Ben Ray Luján, and Rep. Teresa Leger Fernandez, Intel said. The spending also means 1,000 new construction jobs, with work starting this year.