Trump Today: Intel CEO announces $7 billion factory plan

Intel CEO Brian Krzanich and President Trump announced today that the company will invest $7 billion to complete an existing factory space in Arizona that has been idle for the past few years. The construction of the manufacturing plant, Fab 42, was nearly finished several years ago, but was put on hold due to changing market conditions. The reinvigoration of this plant, which is expected to be finished in two to three years, is convenient timing for a company looking to forge connections with a new administration that is largely focused on keeping jobs in the U.S. According to a White House Pool report, when asked by Reuters why Intel is making this announcement at the White House, Krzanich said: “It's really in support of the tax and regulatory policies that we see the administration pushing forward.” Chipmakers like Intel stand to benefit from tax credits on purchases of manufacturing equipment, for example.