Benzinga | Oct 7, 2021 02:19PM EDT

Read How Brexit Led To Intel Scrapping UK Plant

* Intel Corp (NASDAQ:INTC) CEO Pat Gelsinger dumped the idea of the U.K. factory due to Brexit, BBC reports.

* Gelsinger cited the absence of the U.K. for the change of mind. "I have no idea whether we would have had a superior site from the U.K.," he said. "But we now have about 70 proposals for sites across Europe from maybe ten different countries.

* Intel previously planned to build at least two new semiconductor factories in Europe with investments up to $95 billion over the next decade.

* He said things would "incrementally" improve next year but were unlikely to stabilize until 2023.

* The U.S. only produces around 12% of the world's semiconductors, while Korea's Samsung and Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) account for 70% of global supply.

* TSM will spend $100 billion increasing capacity over the next three years while Samsung Electronics Co Ltd (OTC:SSNLF) will invest $205 billion.

* "There is some possibility that there may be a few IOUs under the Christmas trees around the world this year," he said.

* Price Action: INTC shares traded higher by 1.13% at $54.59 on the last check Thursday.