Benzinga | Sep 24, 2021 01:58PM EDT

Intel Breaks Ground On Arizona Plants: Reuters

* Intel Corp (NASDAQ:INTC) broke ground on two new factories worth $20 billion in Arizona dubbed Fab 52 and Fab 62, reaching a total of six factories in the state, Reuters reports.

* The new plants will be the first Intel has built from the ground up and will also manufacture chips for Qualcomm Inc (NASDAQ:QCOM) and Amazon.com Inc (NASDAQ:AMZN) cloud unit, and the U.S. military.

* Intel rival Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) also acquired land to build its first U.S. campus in Phoenix, not far from Intel's location, where TSM plans up to six chip factories.

* Related Content: Key Takeaways From White House Chip Crisis Meet

* Price Action: TSM shares traded lower by 0.56% at $115.54 on the last check Friday.