Intel Corp, the world’s largest chipmaker, and a group of 24 venture-capital companies will invest US$3.5 billion in US technology companies over the next two years to spur domestic job growth.
The effort includes a new US$200 million technology fund by Intel Capital, the company’s investment arm, Intel CEO Paul Otellini said in a speech yesterday at the Brookings Institution in Washington. The investments will be focused on information technology, biotechnology and clean technology.
Intel takes stakes in companies that have technology that can be used to increase future processor sales. Intel’s microprocessors run about 80 percent of the world’s personal computers. Otellini also said Intel is part of a group of companies that agreed to increase hiring of US college graduates, creating as many as 10,500 jobs this year.
“We cannot afford to let our future scientists and engineers sit idle after graduation,” Otellini said.
Microsoft Corp, Google Inc, General Electric Co, Hewlett-Packard Co, Cisco Systems Inc and Dell Inc are part of the group that will boost graduate hiring, focusing on people with engineering and computer science degrees.
Intel, based in Santa Clara, California, dropped US$0.48 to US$20.39 at 4pm on the NASDAQ stock market. The stock is little changed this year.
Intel Capital has invested about US$6.2 billion over the past 20 years in US companies, Intel said. The company, which competes against Advanced Micro Devices Inc, spends about US$5 billion a year on research and development.
US semiconductor companies — including Intel — have lobbied the government to raise standards in math and science education, increase funding for research at universities and cut corporate taxes to promote domestic investment.
Intel, which derives three-quarters of its sales overseas, has manufacturing plants in the US, Israel, Ireland and is building its first in China.
Advanced Technology Ventures, Kleiner Perkins Caufield & Byers, Menlo Ventures and Mohr Davidow Ventures are among the firms that will contribute to the US$3.5 billion of investments, Intel said.
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