"As we continue to invest across our U.S. sites, it's important that we align the start of production of our fabs with the needs of our business and broader market demand," said Naga Chandrasekaran, vice president and head of global operations officer for Intel Foundry Manufacturing, in a release. "This has always been our approach, as it allows us to manage our capital responsibly and adapt to the needs of our customers."
Intel, long the world's leading semiconductor maker before losing that distinction in recent years, has been on a downward slide due largely to its position on the sidelines of the artificial intelligence boom. The stock lost more than half its value last year and the company has been reckoning with slowing sales while also trying to move deeper into the capital-intensive business of chip fabrication.