Apollo will get a part of the Fab 34 partnership in Leixlip, Ireland. This site is where the US chipmaker is starting to use its Intel 4 manufacturing process with advanced extreme ultraviolet lithography machines.

The agreement, which should be finalised in the second quarter, will let Intel move some of its money from this project to other areas of its business.

So far, Intel has put $18.4 billion (€16.93 billion) into to this facility.

In 2022, Intel said it planned to build semiconductor factories in Ireland and France to take advantage of easier funding and subsidies from the European Commission. This is part of Europe's effort to rely less on tech supplies from the US. and Asia. The partnership can make chips at the site, but Intel keeps full ownership and control of the actual factory.

Intel's Chief Financial Officer, David Zinsner, mentioned, "This deal lets us share our investment with a reliable financial partner on good terms."

In April, Intel predicted that its revenue and profits for the second quarter would be lower than what the market expected. This is because there's less demand for its usual data center and personal computing chips, while AI-related components are becoming more popular.