The US chipmaker intends to invest 30 billion ringgit on
shoring up its advanced chip packaging capabilities in the island state of
Penang, Malaysia’s main investment promotion agency said. It will elaborate on
its plans for the Asian country during a press briefing Wednesday in conjunction
with Trade Minister Azmin Ali and Malaysian Investment Development Authority
Chief Executive Officer Arham Abdul Rahman, according to the invite.
The event coincides with Secretary of State Antony Blinken’s
first visit to Southeast Asia.
CEO Pat Gelsinger took the helm of the largest American
chipmaker in February with a mandate to take back leadership of the industry
from Asian giants such as Taiwan Semiconductor Manufacturing Co. Investors want
Gelsinger to staunch market share losses and customer defections stemming in
part from stumbles in upgrading technology.
At the same time, years of global industry under-investment
and a surge in Covid-era demand for computing devices have created an
unprecedented shortage of the semiconductors needed in everything from cars to
smartphones.
Gelsinger is in Taiwan and Malaysia this week for talks that
underscore how Asian manufacturing will be crucial to his turnaround efforts.
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