Intel is pushing back the completion of two chip plants in Ohio until late 2026, The Wall Street Journal reported Thursday night, citing sources.
The Dow chip giant had planned on chip production starting in 2025, but construction now won't be finished until late in the following year, according to the WSJ report. Actual output would follow.
Intel is delaying competition of the $20 billion project due to a sluggish chip market and a delays in government subsidies, the report said.
The Biden administration is expected to start awarding big grants from the 2022 Chips Act, according to a WSJ report last week. Intel and Taiwan Semiconductor are expected to be big beneficiaries.
Taiwan Semiconductor recently delayed the start of production of one of its upcoming Arizona chip plants.
Intel stock lost 1.5% in early Friday trading.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
