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Semiconductor fabrication has always been capital-intensive, but the AI infrastructure buildout has pushed that intensity into a different register.
Technology giants have collectively spent trillions to support AI demand and the physical infrastructure that runs it.
Intel's planned $15 billion stock offering is where that demand chain reaches one manufacturer's balance sheet.
The constraint behind the offering Chip manufacturing at scale requires capital committed long before revenue arrives. Factory expansions lock in substantial tooling costs before a single production wafer runs.
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