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LONDON (AP) — US chip manufacturer Intel On Tuesday, it announced plans to invest up to €80 billion ($88 billion) across Europe as part of an ambitious expansion aimed at addressing the imbalances in the global semiconductor industry that are causing massive chip shortages.

CEO Pat Gelsinger said: Intel investing the money “across the entire semiconductor value chain” over the next ten years.

The company plans to spend tens of billions of dollars to establish or expand chip manufacturing facilities and research and development or design centers in Germany, Ireland. Franceand Italy.

“Why are we doing this? Because the world has an insatiable demand for semiconductors or chips,” Gelsinger said in a webcast.

Intel He said it has brought its most advanced technology to Europe to meet the need for a “more balanced and flexible” semiconductor supply chain.

European Union leaders last month announced a $47 billion “Chip Act” to help the continent become a major semiconductor manufacturer and reduce its reliance on Asian markets for small components that act as electronic brains for everything from cars to smartphones and game consoles.

Demand for chips increased as the global economy recovered from the COVID-19 pandemic, but supply did not continue due to bottlenecks.

European Commission President Ursula von der Leyen hailed the announcement as the first major success under the EU Chip Law.

“I’m sure it will pave the way for more companies to follow suit,” said von der Leyen, who wants the EU to double its share of global chip production by 2030.

First phase of California-based Santa Clara Intel‘s investment plans include 17 billion euros to strengthen European production capacity with a pioneering semiconductor fab “megasite” in Magdeburg, Germany. The site will contain two semiconductor factories or factories that will make chips. Intelmost advanced technology. If the European Commission approves, it’s expected to break ground next year and to go online by 2027, creating 3,000 high-tech jobs.

German Economy Minister Robert Habeck welcomed the news, saying it would boost “Europe’s digital sovereignty”. The new facility will receive financial support from the German government.

The plans also require an additional 12 billion euros to expand IntelIts existing facility in Leixlip, Ireland will produce chips designed by other companies, doubling its production area and expanding its new foundry services business. This will bring the company’s total investment in Ireland to over 30 billion euros.

Intel He said he is also in talks with Italy to “provide a state-of-the-art back-end manufacturing facility” that will include potential investment of up to 4.5 billion euros and create thousands of direct and indirect jobs.

There are also plans for a research and development center and a foundry design center. FranceExpand lab space in Poland and team up with a local researcher for an advanced computer lab in Spain.

IntelThe world’s No. 2 semiconductor manufacturer, according to technology research and consulting firm Gartner, is also expanding in the United States, with a $20 billion factory in Ohio.