By Dhirendra Tripathi

Investing.com – Intel (NASDAQ:) stock edged 0.8% higher on Tuesday after the chipmaker selected sites in Europe to bolster its efforts at reclaiming its past glory in the hi-tech business.

The company stated that it would build a huge chip-making plant in Germany, increase its capacity in Ireland, establish a design and research center in France, as well as a manufacturing and packaging facility in Italy.

The initial investment is 33 billion euro ($36 billion) and includes 17 billion euros for German plans. This will allow for increased demand for chip technology in cars, computers, smartphones, and other devices. TSMC and Nvidia (NASDAQ) both increase their investments in order to grow capacities. This comes at a crucial time for individuals and corporations to embrace a digital future.  

Intel already spent more than $150 Billion on new chip-making capabilities over the past 10 years in an effort to reduce its dependence on China.

The company invested over $20 billion in Ohio in January to build two cutting-edge chip factories. It could also invest in eight other units in the future.

Intel stated that the total cost of building out the 1,100-acre Ohio facility could reach $100 billion in 10 years. This would make it the most expensive semiconductor production site in the world.

In September, the company announced that it would invest $20 billion to build two factories in Arizona.