Intel to spend $3.5 billion on Rio Rancho fab upgrade

It's upgrade time for Intel's Rio Rancho, New Mexico fab.

What you need to know

• Intel announced plans in March to invest $20 billion into two new fabs in Arizona.
• Intel is now spending $3.5 billion to upgrade its existing Rio Rancho fab.
• The company has plans to announce more news later today.

Intel CEO Pat Gelsinger made an appearance on CBS' 60 Minutes on May 2 to discuss the semiconductor crisis (via CNET). During the appearance, it was confirmed that Intel's Rio Rancho, New Mexico fab facility is due for a $3.5 billion upgrade. It was also announced that the company would hold a news conference at 12 p.m. ET / 9 a.m. PT on Monday, May 3 (that's today), giving more updates on the Rio Rancho plans.

Here's the blurb Intel currently offers regarding details on the upcoming conference, including a list of who will be in attendance:

On Monday, Intel will hold a live news conference regarding a new investment at its Rio Rancho, New Mexico, manufacturing facility. Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations, will be joined for an update in New Mexico by Gov. Michelle Lujan Grisham, U.S. Sen. Martin Heinrich, U.S. Sen. Ben Ray Luján and U.S. Rep. Teresa Leger Fernandez.

You can watch the conference live via the Intel Newsroom.

Intel's spending spree isn't slowing down anytime soon, from the looks of things. Between its $20 billion plan for all-new investments and its plans to upgrade existing sites to help expand its market share and combat the global semiconductor shortage, the company seems ready to dig deep into its pockets to take necessary action.