Intel has announced a $7 billion investment plan to modernize three US production facilities over the next two years.

Plants in Arizona, Oregon and New Mexico will be upgraded to build 32-nm chips, and Paul Otellini, Intel CEO, called on other companies to follow suite and invest to combat the recession. He told the Economic Club of Washington that the future requires investements which will give rise to new industries and ideas. "We can't look to government to do this," said Otellini.

The bold move got quite a bit of attention, and Otellini even got a phone call from President Obama, who praised him for doing his part to combat the crisis, and told Otellini he sees an Intel logo every morning when he opens his laptop.

Last week, Intel CFO Stacy Smith hinted at major upcoming investements in an interview with Fox Business.

More here.

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