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Intel denies 20% capex cut claim

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Intel has damned as inaccurate a report in yesterday's Asian Wall Street Journal which claimed that CTO and VP Pat 'Kicking' Gelsinger had said the chip giant would cut expenditure on new plant and equipment next year by 20 per cent.

Intel has this year committed itself to maintaining its original capital expenditure budget of $7.5 billion, despite the downturn in the global semiconductor market. However, many of its rival chip makers have cut their own 2001 capital expenditure plans and have indicated that 2002 spending should be maintained at this year's level or possibly reduced even further.

In such conditions - and given what it's spending this year - it would come as a surprise to no one if Intel did indeed cut its 2002 spending plans.

It may yet do so. Intel has simply said that the reports of a 20 per cent cut are inaccurate because the company has not yet made a decision on its 2002 budget and will not do so until early next year. The statement doesn't actually preclude such a cut being made in due course. ®

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