Crypto News: Intel in the heartland

Thursday, May 2, 2024

Intel in the heartland

Photo illustration: Kelda Van Patten for Bloomberg Businessweek

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Intel has committed $28 billion to build a "mega fab" that CEO Patrick Gelsinger says could eventually become the biggest chip factory in the world. If all goes well, the struggling chipmaker will be able to compete credibly for contracts to make top-tier semiconductors used in smartphones and in the training of next-generation AI algorithms.

The stakes are high for Intel, but also the US.

Ohio One is part of a strategy to stave off America's economic decline given chips are key to almost every manufactured good, Gelsinger told Bloomberg. President Biden—whose administration recently announced nearly $20 billion in loans and grants to finance the project—described the site as a "field of dreams" and "the ground on which America's future will be built." For now, it's mostly a muddy expanse on the edge of a pig farm—but politicians across party lines are already taking credit.

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Immigration-fueled population growth has boosted Canada's economy in recent years, but also compounded its affordable housing crisis. That's prompted calls to boost supply and impose stricter limits on immigration, echoing similar dilemmas in other advanced economies.

On today's Big Take podcast, host Sarah Holder speaks with Bloomberg's Randy Thanthong-Knight about the relationship between housing and immigration–and how governments are trying to manage it.

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