As stock soars, good vibes are back for Intel in Ohio
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A year after another delay to Intel's pair of semiconductor plants in New Albany, the company is now riding a wave of momentum and doubling down on its new timeline.
Why it matters: The $20 billion project known as Ohio One is the state's largest investment ever in a private company.
- It's five years behind its original schedule, but Intel is riding the AI boom and reaffirming the project's importance.
Driving the news: Intel stock is soaring, and has been on the upswing for weeks.
- The most recent momentum comes from a Wall Street Journal report of a Trump administration-backed deal between Intel and Apple.
- In its first-quarter report, the company reported a 7% increase in revenue year-over-year.
Flashback: Announced in 2022, chip production at Ohio One was originally scheduled to begin by late 2025.
- A series of delays has pushed that timeline back to around 2031 for the first production facility (or "fab") and 2032 for the second.
The big picture: When the most recent delay was announced in February 2025, Intel was struggling.
- It had just laid off 1,300 Oregon workers and its CEO left abruptly.
- Ohio One delays were explained as aligning "fabs with the needs of our business and broader market demand" in a company statement.
- CEO Lip-Bu Tan's hiring last March was seen as an attempt at a turnaround.
State of play: Intel has already spent $5 billion on Ohio One construction, including $1.4 billion in 2025, involving 10 million hours of work from construction workers representing 83 of Ohio's 88 counties, per WCMH-TV.
Today, Intel leaders hope the buzz alleviates concerns about the project's future.
- Spokesperson Kiana Ducey tells Axios the company's commitment to Ohio has "never changed," and director of Ohio government affairs Ted Geer says plans have stayed on track since last year's timeline change.
- "This is a highly cyclical sector, and I think we've learned a lot about that in the last few years," Geer tells us. "It's an exciting opportunity for everyone in the sector right now."
Bullish leaders in Ohio
Amid the momentum, Ohio leaders are bullish about Intel's future again — echoing the optimism of 2022.
What they're saying: Ohio One has become the signature project of JobsOhio, the state's controversial private economic development corporation.
- In a statement to Axios, CEO J.P. Nauseef says Intel's rising stock "reflects optimism" about securing the country's semiconductor supply chain.
- "Ohio One remains critical to advancing that strategy, which will ensure Ohio is leading the effort to regain a dominant U.S. position in advanced computing."
Plus: Columbus Partnership CEO Jason Hall praises Intel for "executing through complicated market forces" and says there's "renewed confidence."
- Gov. Mike DeWine "remains optimistic" about the project, spokesperson Dan Tierney tells Axios.
What's next: Intel reaffirmed plans with the state to start Ohio production by 2031.
- Ducey says Intel is fully committed to a site they've "pumped billions and billions of dollars into."
- "For us to walk away would be an injustice not just to Intel, but to the United States, the Ohioans, the entire ecosystem and supply chain. If anything, we're just doubling down and staying on our timeline."