Israel Grants Intel $3.2B for New $25B Chip Plant, Biggest Company Investment in Country
Jerusalem — Israel's government agreed to give Intel a $3.2 billion grant for a new $25 billion chip plant it plans to build in southern Israel, both sides said on Tuesday, in what is the largest investment ever by a company in Israel. The news comes as Israel remains locked in a war with Palestinian militant group Hamas in the wake of the October 7 Hamas attack on Israel. It also is a big show of support by a major U.S. company and a substantial offer by Israel's government at a time when Washington has increased pressure on Israel to take further steps to minimize civilian harm in Gaza. Shares of Intel, which has a bit less than 10% of its global workforce in Israel, opened up 2.73% at $49.28 on…