Intel will invest nearly $90 billion in Europe's chipmaking industry

Intel plans to invest up to €80 billion ($89 billion) over the next decade to build up Europe's supply chain for semiconductor chips.

The tech giant said on Tuesday that it will spend an initial €17 billion ($19 billion) to create two new chip factories in Germany. Construction on the site in northeastern city of Magdeburg — which it will name "Silicon Junction" — is expected to begin next year and start operations in 2027.

"This broad initiative will boost Europe's R&D innovation and bring leading-edge manufacturing to the region," Intel's CEO Pat Gelsinger said in a press release.