With plans to trim $10 billion from its budget, Intel is halting plans to build a cutting-edge foundry in the green fields of Magdeburg, Germany for around two years. The facility was originally intended to start construction in 2023, with production beginning in late 2027.
In a note sent to employees and later published, Intel CEO Pat Gelsinger announced the decision: "We will pause our projects in Poland and Germany by approximately two years based on anticipated market demand."
