AMAZON.COM, INC.

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Delayed Nasdaq  -  05/24 04:00:00 pm EDT
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Intel's move into Ohio brings new tech kudos, competition for talent

01/21/2022 | 05:36pm EDT
Visitors are seen at the Intel booth during the China Digital Entertainment Expo and Conference, also known as ChinaJoy, in Shanghai

OAKLAND, Calif./NEW YORK (Reuters) - Intel Corp's plan to build a $20 billion chip-making complex on the outskirts of Columbus, Ohio is the clearest sign of a burgeoning tech sector in the U.S. Midwest, a development that is sure to raise corporate competition for workers and resources.

The Intel investment is the state's largest ever, but the Columbus suburb of New Albany, where Intel will build two chip factories, already has seen an influx of data centers, including from Amazon.com Inc, Facebook parent Meta and Alphabet Inc's Google.

Just last August, Google raised its investment in New Albany by $1 billion.

"Facilities like (the Intel factories), all of these jobs are high skilled jobs," said Commerce Secretary Gina Raimondo speaking at the announcement in Ohio. "All of this manufacturing at every level, not just the PhDs, require some amount of training," she added, calling for more apprenticeship programs.

The first two Intel chip factories will create 3,000 jobs, and the company plans as many as eight factories over time. It has committed $100 million to work with Ohio universities and community colleges for building up a workforce in the chip industry.

While other rust belt centers have suffered over the decades, Ohio's state capital Columbus with Ohio State University and six Fortune 500 companies, including Nationwide Mutual Insurance Co. and Cardinal Health Inc, has fared well.

In addition, it has been an early winner in the build up of the logistics and warehousing industry thanks to its location near the important interstate highway 70 that cuts across the U.S.

Ample water and stable power resources were also key to winning the deal as Intel needs enormous natural resources, though it has said it aims to be powered 100% by renewable energy and achieve net positive water.

"Ohio for years has been saying we have an abundance of water and that would be a strength for industry in this country. And it came in as an advantage here for us," said JP Nauseef, president of JobsOhio, which was instrumental in bringing the Intel investment to the state.

(Reporting By Jane Lanhee Lee and Tim Aeppel; Editing by Peter Henderson and Alistair Bell)

By Jane Lanhee Lee and Timothy Aeppel


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -4.95% 2119.4 Delayed Quote.-26.84%
AMAZON.COM, INC. -3.21% 2082 Delayed Quote.-37.56%
CARDINAL HEALTH, INC. 0.26% 57.11 Delayed Quote.10.62%
INTEL CORPORATION -0.79% 41.67 Delayed Quote.-19.09%
META PLATFORMS, INC. -7.62% 181.28 Delayed Quote.-46.10%
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Financials (USD)
Sales 2022 526 B - -
Net income 2022 8 182 M - -
Net cash 2022 42 943 M - -
P/E ratio 2022 131x
Yield 2022 -
Capitalization 1 059 B 1 059 B -
EV / Sales 2022 1,93x
EV / Sales 2023 1,60x
Nbr of Employees 1 608 000
Free-Float 86,1%
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Number of Analysts 53
Last Close Price 2 082,00 $
Average target price 3 660,91 $
Spread / Average Target 75,8%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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