Intel picks Vigasio for Italian chip factory: report
Alexander Koerner

Intel (NASDAQ:INTC) has picked the town of Vigasio in the Italian region Veneto, roughly 70 miles west of Venice, for its new multi-billion dollar chip factory in the European country, Reuters reported. 
The news outlet, citing two people familiar with the matter, noted that the deal came together earlier this month, but has not been publicly announced because of the country's general election.
Prime Minister Mario Draghi resigned earlier this year and far-right politician Giorgia Meloni has won the country's general election held this weekend. 
Vigasio was picked because it is close to Germany, where Intel (INTC) is slated to build two factories, according to one of the sources. Other regions that were considered were Piedmont, Lombardy, Apulia and Sicily.
The plant is part of the semiconductor giant's plan to invest $77.5B in Europe over the next decade.
Intel's (INTC) investment is initially worth $4.35B but is expected to rise over time, the news outlet added. The company has said it would create 1,500 jobs and an additional 3,500 jobs for suppliers and partners.
The new factory is expected to start producing chips between 2025 and 2027 and is slated to be an advanced semiconductor packaging and assembly plant.
Last week, Bank of America lowered estimates on both AMD and Intel (INTC), pointing to a "further deterioration" in the consumer PC market and getting rid of excess inventory.