Intel to invest €80bn in European foundries and target automotive sector As anticipated, Intel plans to invest heavily in European chip plants as it looks to build up its foundry business to challenge global leader TSMC, taking advantage of intense demand from the automotive sector, in particular, as semiconductor shortages and pandemic-driven supply chain disruptions bite. CEO Pat Gelsinger has made the creation of a large-scale foundry business a key element of his growth strategy but he said he is not interested in “investing backwards” to support old designs, even to address short term opportunities from current shortages. Instead, Intel will spend up to €80bn on European fabs over the next 10 years and focus on the most advanced nodes,…