Intel reportedly halts its plans for $25 billion chipmaking plant in Israel

Intel is reportedly halting plans on a new chipmaking facility in Israel, that would've come at a cost of $25 billion.

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The news is coming from Israeli financial news website Calcalist, with Intel neither confirming or denying the news. Intel was asked about the report into its facility in Israel, with an Intel spokesperson saying in a statement: "Israel continues to be one of our key global manufacturing and R&D sites and we remain fully committed to the region.

"Managing large-scale projects, especially in our industry, often involves adapting to changing timelines. Our decisions are based on business conditions, market dynamics and responsible capital management".

The Israeli government agreed to give Intel a $3.2 billion grant to build the new $25 billion chip plant in southern Israel, with Intel saying previously that the proposed factory for its Kiryat Gat site, where it has an existing chip plant, was an "important part of Intel's efforts to foster a more resilient global supply chain".