Chips Act Most ‘Important Piece of Industrial Policy’ Since WWII: Intel CEO
Intel was “thrilled to see the bipartisan vote in the Congress” to pass the chips package (see 2207280060), said CEO Pat Gelsinger on a Q2 earnings call Thursday. “We have been integrally involved in moving this groundbreaking legislation forward. This…
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progress, combined with the strong momentum in Europe, will reshape our industry and bring us toward a geographically balanced, resilient supply chain that we are uniquely positioned to enable and benefit from.” Gelsinger personally had lobbied heavily for the chips package, threatening at one point to delay Intel’s $20 billion investment to build two semiconductor fabs in Ohio if Congress failed to pass the legislation before leaving for the August recess. "Literally since World War II, there might not have been a more important piece of industrial policy that’s came forward through Congress," said Gelsinger of the chips package. "This is great for the semiconductor industry," he said. "We see this as an accelerant to our strategy and something that will give us the capacity" to meet Intel's product needs, plus the needs of its foundry customers, he said. "This is powerful and something that we are thrilled to have come across the line just today."