Shares of Intel, which has a bit less than 10% of its global workforce in Israel, opened up 2.73% at $49.28 on Nasdaq.
Intel does not plan to negotiate an extension of the contract, and will instead pay Tower a $353 million break-up fee to walk away.
Israel-based Tower provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries.
The deal in Germany would be Intel's third big investment in four days, following a $4.6 billion chip plant in Poland and a $25 billion factory in Israel.
Prime Minister Netanyahu: “This is a great expression of confidence in the Israeli economy, in stark contrast to all the false reports against us."
Despite rapid growth, only half of machine learning models succeed in production, calling for enhancements to ensure success.
Despite recent waves of firings within the global company, Intel’s Israeli branch is performing well in exports and diversity.
Intel shares fell 2% in extended trading, having gained more than 10% so far this year following a tough 2022.
Security tensions will not disappear at the end of Ramadan and an unusual response against terror organizations should be held off, intel suggests.
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