Intel rises as company officially acquires land for Ohio fab
Justin Sullivan/Getty Images News

Intel (NASDAQ:INTC) shares rose on Wednesday as the company officially acquired the land it needs to start building its Ohio manufacturing plant, the Columbus Dispatch reports.
The Santa Clara, California-based Intel (INTC) spent $111M for 750 acres in New Albany, a suburb just outside Columbus.
Last week, an Intel (INTC) spokesman confirmed to NBC that construction crews had started to work on the land, getting it ready and excavating.
"A diverse Ohio-based team led by Gilbane Building Company has begun early work to prepare the site for the construction of our planned factories," an Intel spokesman told the news outlet.
Intel (INTC) shares rose slightly more than 0.5% to $36.98 in mid-day trading. 
Late last month, Intel (INTC) said it would delay the groundbreaking ceremony for the new plant and even said the $20B project could be scaled back if the U.S. does not pass the CHIPS Act.
A company spokesman said that "the scope and pace of our expansion in Ohio will depend heavily on funding from the CHIPS Act," adding that funding for the legislation has moved "more slowly than we expected and we still don't know when it will get done."
The CHIPS Act was passed in the Senate last year, providing $52B in subsidies for semiconductor companies. However, it is still not law as the House and Senate reconcile differences in both of their legislation that are unrelated to semiconductors, including climate provisions and issues dealing with Chinese trade.
Separately last month, Senate Minority Leader Mitch McConnell threatened to block the funding for the U.S. semiconductor industry if Democrats pursue a broader spending package.
Intel (INTC) reportedly cut the price of its Alder Lake CPUs in recent days due to continued weakness in the PC market.