Cisco set to open new chip design center in Barcelona
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Cisco Systems (NASDAQ:CSCO) said on Thursday that it would open up a new advanced semiconductor design center in Barcelona, Spain as Europe looks to expand its semiconductor ecosystem.
The new center is part of the European Union's initiative to use funds from the Recovery and Economic Transformation of Microelectronics and Semiconductors plan enacted during the pandemic in conjunction with the E.U.'s Chips Act to boost chip output.

"Cisco is thrilled to take an active role in addressing semiconductor supplies with the development of this design center, and we are also excited to be able to leverage talent across the globe and truly help build the internet of the future," Cisco (CSCO) CEO Chuck Robbins said in a statement.
The company did not say when the new center would be open, how much it will cost or if it will receive any subsidies.
Cisco (CSCO) shares were up more than 2% in mid-day trading on Thursday.
Cisco (CSCO) is slated to report first-quarter results after the close of trading on November 16, with analysts expecting the company to earn 84 cents per share on $13.29B in revenue.