Intel plans $2 billion fund to invest in U.S. companies: report

By IBTimes Staff Reporter | February 23 2010 9:00 AM

U.S. technology giant Intel Corp is planning to set up a $2 billion fund to invest in U.S. companies, the Wall Street Journal said, citing people familiar with the matter.

Sponsorship Link

The chipmaker, which has a unit that invests in many technology companies, is in talks with venture capital firms to seek investment ideas, the daily said.

The investment plan would not require raising additional capital, the business daily said, adding that the response to Intel's proposal was not immediately known.

Intel Chief Executive Paul Otellini is scheduled to give a speech Tuesday at the Brookings Institution, the paper said.

Brookings said in its invitation to the event that Otellin's speech will focus partly on the need to create a culture of investment in the United States, according to the paper.

Intel could not be immediately reached by Reuters for comment outside regular U.S. business hours.

(Reporting by Archana Shankar in Bangalore; Editing by Mike Nesbit)