On Feb. 28, 2025, Naga Chandrasekaran, executive vice president, chief global operations officer and general manager of Intel Foundry Manufacturing, sent a message to Intel employees in Ohio updating them on the latest planned construction completion dates for Ohio One Mod 1 and Mod 2 that are under construction in New Albany, Licking County, Ohio. I continue to be impressed by the progress you are driving on our Ohio One campus. We have come a long way since construction began, and I am grateful for all that you've accomplished to lay the groundwork for our future as we make Ohio one of the world's leading hubs of advanced semiconductor manufacturing.

Last quarter, we achieved our "go vertical" milestone when the "basement" level of the fab was completed - and work on the above-ground structure is now underway. The campus has been transformed in ways that bring Ohio's natural beauty to the site. You are also doing so much beyond our campus to support Ohioans in our neighborhood and across the state by creating education and workforce development initiatives, building local business partnerships, and volunteering and investing in the community. I am proud of the impact you are making.Our investments in Ohio are part of our broader U.S. manufacturing expansion. As we continue to invest across our U.S. sites, it's important that we align the start of production of our fabs with the needs of our business and broader market demand. This has always been our approach, as it allows us to manage our capital responsibly and adapt to the needs of our customers.

With that in mind, we are adjusting the timeline for our two Ohio fabs. Specifically, we now plan to complete construction of Mod 1 in 2030 and begin operations between 2030 and 2031. For Mod 2, we expect to complete construction in 2031 and begin operations in 2032.

We are taking a prudent approach to ensure we complete the project in a financially responsible manner that sets up Ohio One for success well into the future. We will continue construction at a slower pace, while maintaining the flexibility to accelerate work and the start of operations if customer demand warrants, but I want to be upfront and transparent with you all about our current plan.

In no way does this diminish our long-term commitment to Ohio. We have already started hiring Ohioans who are training at our fabs in Arizona, New Mexico and Oregon, and we will continue to scale our hiring as we approach our operational dates. Intel is proud to call Ohio home, and we remain excited about our future here.

We are also deeply appreciative of the support we have received since breaking ground, including from Gov. Mike DeWine; U.S. Sen. Jon Husted and Ohio's congressional delegation; Director Lydia Mihalik and her team at the Ohio Department of Development; the City of New Albany; the City of Columbus; the City of Johnstown; the State of Ohio, along with JobsOhio; as well as our neighbors and community members. We remain committed to investing in the community and fostering long-term partnerships that drive growth and opportunity.

Most of all, we are appreciative of all of you and the work you are doing to build this site. Projects of this scale and complexity always come with twists and turns along the way, but the end state is one we will all be proud of for decades to come.

My thanks to all of you on the Ohio One team.