Musk reportedly approached Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR; Intel Corporation (INTC.US) CEO Lip-Bu Tan quickly stated: Terafab partnership continues

Intel Corporation (INTC.US) CEO Lip-Bu Tan said the company will continue to partner with Elon Musk on the Terafab project. This is a bold attempt by the trillionaire to venture into cutting-edge chip production. Earlier this week, Musk said he was in talks with Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR regarding a Terafab-related partnership. The news dampened investor sentiment toward Intel Corporation, which signed on in April of this year as a development partner for Terafab. Speaking to reporters in Tokyo ahead of an event marking the U.S. company's 50th anniversary in the Japanese market, Tan said Intel Corporation will remain involved in the Terafab project. The Terafab project is part of a global wave of governments and companies racing to expand production capacity for semiconductors and other critical components needed to accelerate the deployment of artificial intelligence applications. Factory capacity is fully booked for products ranging from ball bearings, chip equipment and industrial chemicals to slide rails, prompting companies to build additional production lines.