Intel's new $7 billion facility to make 7nm chips in US

Intel has just announced a massive $7 billion investment to create the "most advanced semiconductor factory in the world" on United States soil.

Intel CEO Brian Krzanich announced the new investment alongside U.S. President Donald Trump, and the deal is expected to be a boon for Intel as well as the United States. Intel's new facility will be called Fab 42, and will push Moore's Law even further by making 7nm chips and processors.

Fab 42 will take three to four years to complete and will create more than 3,000 high-wage jobs for engineers and technicians as well as 10,000 long-term jobs in the facility's central location in Chandler, Arizona. Apart from the benefits provided by President Trump's business incentives, Fab 42 was built to "help the U.S. maintain its position as the global leader in the semiconductor industry."

"Intel's business continues to grow and investment in manufacturing capacity and R&D ensures that the pace of Moore's law continues to march on, fueling technology innovations the world loves and depends on," Intel CEO Brian Krzanich said during the announcement.

"Intel is a global manufacturing and technology company, yet we think of ourselves as a leading American innovation enterprise," Krzanich added.

"America has a unique combination of talent, a vibrant business environment and access to global markets, which has enabled U.S. companies like Intel to foster economic growth and innovation. Our factories support jobs - high-wage, high-tech manufacturing jobs that are the economic engines of the states where they are located."

Check the full press release for more information.