Intel (INTC) shares climbed Tuesday after the chipmaker announced plans to expand its wafer manufacturing plant in southern Israel.
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The Israeli government has agreed to give Intel a $3.2 billion subsidy for a new $25 billion chip factory in Kiryat Gat, south of Tel Aviv, according to Bloomberg And Reuters.
The factory expansion is “an important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States.” , Intel said in a statement.
Intel is also building new chip factories in eastern Germany and southeast Ohio. Additionally, it is investing in new manufacturing capabilities in Arizona.
Intel stock hits 18-month high
In pre-market transactions on the stock market today, Intel stock advanced 2.4% to 49.16. It is trading at its highest level since April 2022.
On November 15, Intel stock broke out of a nine-week period consolidation model has point of purchase from 40.07, according to IBD Market graphics. Stocks jumped after the company’s better-than-expected performance third quarter report on October 26.
On December 14, Intel presented new processors optimized for artificial intelligence applications in data centers and on personal computers.
Intel ranks 11th out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to Checking ITN stocks. Intel stock has a IBD Composite Rating 64 out of 99.
Follow Patrick Seitz on @IBD_PSeitz for more articles on consumer technology, software and semiconductor stocks.
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