Chip stocks retreat following Intel's $20B Ohio plant plans
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Semiconductor stocks garnered attention on Friday in the wake of Intel (NASDAQ:INTC) saying it will pour at least $20 billion into building a massive new chip-manufacturing location in Ohio.
Intel (INTC) said it will build two chip fabrication facilities at the 1,000-acre site near Columbus, Ohio, and that it could expand operations to include eight plants over 2,000 acres. Construction is set to start this year, with a goal of the plant being up and running by 2025.

The move would seem to be in line with the goals of Intel (INTC) Chief Executive Pat Gelsinger to expand the company's chip-manufacturing capabilities, and even become a fabrication plant for other semiconductor makers. Last summer, Gelsinger reportedly held talks with Biden Administration officials about the federal government investing in the chip industry's expansion efforts.
Reaction to Intel's (INTC) announcement was mixed, as the semiconductor giant's shares rose 1% in early trading. With Intel (INTC) in the spotlight, other chip stocks were also on investors' minds on Wall Street.
Nvidia (NASDAQ:NVDA) shares gave up more than 2%, while Applied Materials (NASDAQ:AMAT), the world's largest chip-equipment maker, was also down by 2%. Advanced Micro Devices (NASDAQ:AMD)
shares slipped by 1%, and memory chipmaker Micron Technology (NASDAQ:MU)
gave up 3.5%.
Earlier this month, Intel (INTC) poached David Zinsner from Micron (MU) to become the company's new chief financial officer.