Intel shares have sunk to a five-year low as the semiconductor prepares to officially break ground on its $20 billion project in Licking County.
in history, the semiconductor company's shares are tumbling amid CEO Pat Gelsinger's effort to reboot the company.
"While we continue to make solid progress on our strategy, Q2 results were disappointing, below the standards we have set for the company and below the commitments we have made to you, our shareholders," Gelsinger told analysts on a conference call after the company released those results.Intel has plenty of company among semiconductor manufacturers and the broader stock market, which has been battered this year amid worries that the economy is sliding into a recession.
"He is facing a very substantial headwind. He has to figure out to how to get competitive again," he said."The fabs are a really a strong signpost that Intel is moving toward being a leader again in the semiconductor industry," he said."Quite frankly, at this point they have fallen behind."For their part, New Albany and state officials aren't worried about the stock price and what it may mean for the company's fortunes in New Albany.
Under the terms of the agreement, the companies will jointly invest up to $30 billion in Intel’s expansion project in Arizona. Intel will fund 51% of the project and Brookfield 49%. Intel will retain majority ownership and operating control of the two new chip factories in Chandler.
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