- Italy looks to earmark over €4 billion ($4.6 billion) until 2030 to boost domestic chip manufacturing as it seeks to attract more investment from tech companies like Intel Corp (NASDAQ:INTC), Reuters reports.
- Brussels has made available €15 billion in additional public and private investment by 2030, on top of €30 billion of public investments.
- Italy's government is trying to persuade Intel to spend billions of euros on an advanced chipmaking plant in Italy.
- Rome is ready to offer Intel public money and other favorable terms to fund part of the overall investment.
- Rome also relies on new funding rules declared by the European Commission under the Chips Act.
- Italy is also in talks with STMicroelectronics NV (NYSE:STM), MEMC Electronic Materials Inc, and Tower Semiconductor Ltd (NASDAQ:TSEM).
- Price Action: INTC shares traded lower by 1.28% at $47.09 on the last check Tuesday.
