Intel, SoftBank
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Foxconn spent years promising electric vehicles would be built at the former Chevy Cruze factory. Now it will make AI servers.
SoftBank Group Corp. is the buyer taking ownership of Foxconn Technology Group’s electric vehicle plant in Ohio, a move aimed at kick-starting the Japanese company’s $500 billion Stargate data center project with OpenAI and Oracle Corp.
SoftBank announced on Tuesday a $2 billion investment in Intel that will add to the Japanese tech investor's ambitious bet on artificial intelligence and the chip industry.
The back-to-back news items signal a public and private sector commitment to domestic semiconductor production and underscore Intel's importance.
Foxconn, in partnership with Japanese-owned SoftBank, will be building AI data center equipment within the former Lordstown GM Assembly plant. Reuters first reported the news on Monday. The work will be, as 21 News has previously reported, part of the Stargate project to build up to 16 artificial intelligence data centers across the US.
SoftBank Group Corp. agreed to buy $2 billion of Intel Corp. stock, a surprise deal to shore up a struggling US name while boosting its own chip ambitions.