By Katherine Hamilton
Intel is delaying construction of a $28 billion semiconductor project in central Ohio by about five years.
The site in New Albany, Ohio, is now set to be completed in 2030, with operations starting as late as 2031, compared with the original operations start date that was set for 2025. A second part of the site is expected to begin operations in 2032. The chipmaker is slowing construction to manage capital and align with demand, it said Friday, as it works to hold on to market share.
"We are taking a prudent approach to ensure we complete the project in a financially responsible manner," Intel said.
Intel has struggled to find customers for its contract chip-making business, a major investment area for former Chief Executive Pat Gelsinger, who was ousted in December. The company's stock has lost nearly half its value in the past year. Rival Taiwan Semiconductor Manufacturing Company overtook Intel when it comes to making the fastest chips with the smallest transistors, and Nvidia surpassed it as the most valuable U.S. semiconductor company by market cap.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 28, 2025 11:26 ET (16:26 GMT)
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