Intel postpones opening of ohio chip factories until 2030s in latest setback

Intel is further delaying the opening of a much-touted new semiconductor complex in Ohio, marking the latest setback to the chipmaker’s expansion plans.

The first plant, originally scheduled to begin operating this year, now won’t be completed until 2030, the company said in a statement Friday. The factory is slated to begin running either that year or in 2031, Intel said. The completion of a second plant was postponed until 2031, with operations potentially starting the following year.

“As we continue to invest across our US sites, it’s important that we align the start of production of our fabs with the needs of our business and broader market demand,” Naga Chandrasekaran, an Intel vice president and head of global operations, said in the statement. “This has always been our approach, as it allows us to manage our capital responsibly and adapt to the needs of our customers.”

Intel, struggling with shrinking sales and mounting losses, has been scaling back efforts to add more manufacturing capacity. The Ohio site has been a symbol of the company’s comeback hopes — and a broader U.S. push to rebuild the country’s domestic chip production. Intel has had ambitions to turn it into the world’s largest semiconductor facility.

The chipmaker, which had dominated the industry for decades, is a major recipient of federal funds under the U.S. Chips and Science Act, bipartisan legislation enacted under the Biden administration to reverse a shift of manufacturing toward East Asia. Taxpayer support is contingent on the company reaching milestones in construction, equipping the factories and then starting production. Intel was scheduled to receive $7.9 billion in direct funding.

Treasury Secretary says housing will ‘unfreeze’ in weeks, sees 2% inflation

Treasury Secretary Scott Bessent said he expects the U.S. housing market to pick up steam after recent indicators came in below forecasts, and sees potential for inflation to return to the Federal Reserve’s 2% target “quickly.”

“Over the next six to 12 months, as we deregulate, drill more American energy” and bring certainty to extending the 2017 tax cuts, “we could very quickly go back to the Federal Reserve target of 2%,” Bessent said in an interview with Bloomberg.

Bessent spoke hours after the Fed’s preferred inflation gauge showed a 2.6% year-on-year gain for January. The core personal consumption expenditures price index, which excludes food and energy items, rose 0.3% from December, the most in three months.

federal workers to get another email asking them to detail accomplishments

Federal workers are expected to receive another email as soon as today asking them to describe what they achieved this past week.

The email will come directly from agencies’ human resources divisions this time, instead of from the Office of Personnel Management, the New York Times reported. The decision comes after Office of Personnel Management leaders met with agency representatives Thursday and advised them to send out the emails.

It was not clear as of Friday afternoon how widely the plans had been communicated across the federal workforce, however. Civilian workers at the Department of Defense received a heads-up Friday afternoon that they would receive the email Monday, and that a response was expected.

“Reply to that email and cc your supervisor within 48 hours,” the notice said.

Compiled from Bloomberg and New York Times reports.