Intel Reportedly Plans $2B U.S. Fund
SANTA CLARA, Calif. (TheStreet) -- Intel (INTC) is working with venture-capital firms to put together a $2 billion fund that would invest solely in U.S. companies, a report says.
Intel, which has a unit that places investments in many technology companies, has approached venture-capital firms about the idea of allocating a portion of their funds to U.S. companies. The plan would not require raising additional capital, a person familiar with the situation told the Wall Street Journal.
Intel CEO Paul Otellini will be in Washington Tuesday for a speech at the Brookings Institution. Otellini could disclose details of the fund at the event. Event organizers said the CEO's speech will focus partly on "the need to create a culture of investment in the United States."
Intel's latest move comes a year after the chipmaker said it would invest $7 billion over two years to upgrade capabilities of its U.S. chip factories, the Journal notes.
-- Written by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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