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Davos 2023

Intel CEO committed to long-term investment despite chip glut

U.S. producer hits the gas and the brake at same time, Gelsinger tells Davos

Intel CEO Pat Gelsinger announces the company's plan to build a $20 billion plant in the U.S. state of Ohio, at the White House in January 2022.   © Reuters

DAVOS, Switzerland -- Running Intel amid dramatic changes in global semiconductor demand feels like hitting a car's brakes and its gas pedal at the same time, the U.S. chipmaker's chief executive said on Thursday.

Turmoil in the chip supply chain, caused by the spread of COVID-19 and rising geopolitical risks, has prompted major semiconductor companies to invest vast amounts of money toward building fabrication plants worldwide.

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