US chip giant Intel on Thursday said it made more money that expected in the recently ended quarter as it continued to invest in a “geographically balanced” supply chain.“We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps; agreements with new foundry customers, and momentum as we bring AI everywhere,” said Intel chief executive Pat Gelsinger.
“Our results exceeded expectations,” said Intel chief financial officer David Zinsner, who said earnings benefited from “expense discipline.” Earlier this year, Intel announced it will spend $25 billion on a new plant in Israel, with Prime Minister Benjamin Netanyahu calling it the country’s single largest foreign investment.
In 2017, Intel acquired Israel-based Mobileye, which makes technology for automated driving systems in vehicles, for just over $15 billion.
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