California's Intel Corp to invest $600 million to expand chip, Mobileye R&D in Israel

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California's Intel Corp to invest $600 million to expand chip, Mobileye R&D in Israel

On Sunday, Intel Corp., the Santa Clara, California-headquartered American multinational semiconductor industry giant had issued a statement saying that the Silicon Valley chipmaker would invest a stark upsum of $600 million in Israel in a bid to scale up its R&D (Research and Development), cementing ways to create job opportunities for at least 6,000 employees.

In factuality, Intel Corp.’s latest move to invest a $600 million in research and development in Israel was announced during Intel Chief Pat Gelsinger’s one-day visit to the country as a part of a European tour including Germany and Belgium last week, the chipmaker added.

Intel pledges $600 million fresh capital spending in Israel

Aside from that, according to Intel Corp.’s announcement released late on Sunday, the Santa Clara-based semiconductor industry megalith would invest a $400 million to switch its Jerusalem-headquartered Mobileye unit into an research and development (R&D) campus for autonomous car development, while another $200 billion would be invested to construct a research and development centre, named as IDC12, next to its current development centre in the northern port city of Haifa.

More importantly, Intel Corp. had also pledged its latest investment aimed at turning the Mobileye unit headquarter into a R&D campus for self-driving vehicles would create job opportunities for more than 6,000 employees.

If truth is to be told, Intel Corp. had poured nearly $20 billion on Israel in less than half a decade including a purchase of Mobileye in 2017 for over $15 billion, a $2 billion takeover deal for AI chipmaker Habana in 2019 alongside an acquisition of Moovit for $1 billion a year earlier.

Meanwhile, addressing to an exciting business landscape for Intel Corp in Israel, Gelsinger said following the announcement, “A vibrant future for Intel and Israel for decades to come”.