• Intel Corp (NASDAQ: INTC) broke ground on two new factories worth $20 billion in Arizona dubbed Fab 52 and Fab 62, reaching a total of six factories in the state, Reuters reports.

• The new plants will be the first Intel has built from the ground up and will also manufacture chips for Qualcomm Inc (NASDAQ: QCOM) and Amazon.com Inc (NASDAQ: AMZN) cloud unit, and the U.S. military.

• Intel rival Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) also acquired land to build its first U.S. campus in Phoenix, not far from Intel's location, where TSM plans up to six chip factories.

• Related Content: Key Takeaways From White House Chip Crisis Meet

• Price Action: TSM shares traded lower by 0.56% at $115.54 on the last check Friday.

See more from Benzinga

• Click here for options trades from Benzinga

• Tesla's Elon Musk Sees Respite From Chip Crisis Soon

• Key Takeaways From White House Chip Crisis Meet

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.