Intel doling out $3.5 billion for New Mexico fab upgrade, among other big spends

Intel Core i9-11900K reviewSource: Harish Jonnalagadda / Windows Central

Intel CEO Pat Gelsinger made an appearance on CBS’ 60 Minutes on May 2 to discuss the semiconductor crisis (via CNET). During the appearance, it was confirmed that Intel’s Rio Rancho, New Mexico fab facility is due for a $3.5 billion upgrade. It was also announced that the company would hold a news conference at 12 p.m. ET / 9 a.m. PT on Monday, May 3 (that’s today), giving more updates on the Rio Rancho plans.

Here’s the blurb Intel currently offers regarding details on the upcoming conference, including a list of who will be in attendance:

On Monday, Intel will hold a live news conference regarding a new investment at its Rio Rancho, New Mexico, manufacturing facility. Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations, will be joined for an update in New Mexico by Gov. Michelle Lujan Grisham, U.S. Sen. Martin Heinrich, U.S. Sen. Ben Ray Luján and U.S. Rep. Teresa Leger Fernandez.

You can watch the conference live via the Intel Newsroom.

Intel’s spending spree isn’t slowing down anytime soon, from the looks of things. Between its $20 billion plan for all-new investments and its plans to upgrade existing sites to help expand its market share and combat the global semiconductor shortage, the company seems ready to dig deep into its pockets to take necessary action.

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