Intel CEO Brian Krzanich said the Fab 42 factory, which has been under construction intermittently since 2011, will help preserve the future of Moore's Law while preserving Intel's position as the global leader of the semiconductor industry. The plant is expected to create 3,000 full-time jobs within Intel once it is completed in three to four years.
The chips made on the 7 nm process are used within data centers, sensors and other devices, as well as technology systems for artificial intelligence, automated driving and medical research.
"These are areas that depend upon having the highest amount of computing power, access to the fastest networks, the most data storage, the smallest chip sizes, and other benefits that come from advancing Moore's Law," Intel wrote in a press release.
Intel first announced plans for the Fab 42 factory in 2011 in conjunction with the Obama administration's jobs initiative. Construction of the factory was supposed to be completed by 2013, but eventually stalled due to shrinking chip demand. It's unclear if the $7 billion investment revealed today is on top of the $5 billion Intel said it would invest six years ago. Intel currently builds most of its chips in factories in Oregon, Arizona and New Mexico.