Texas Instruments Inc. (TI) announced on Wednesday that it plans to invest over $60 billion in foundational semiconductor manufacturing in the United States, "making this the largest investment in foundational semiconductor manufacturing in US history." The funds will be divided among seven fabs, including four in Texas and three in Utah. The facilities are expected to support more than 60,000 jobs.

"TI is building dependable, low-cost 300mm capacity at scale to deliver the analog and embedded processing chips that are vital for nearly every type of electronic system. Leading US companies such as Apple, Ford, Medtronic, NVIDIA and SpaceX rely on TI’s world-class technology and manufacturing expertise," CEO Haviv Ilan said.

Texas Instruments' shares gained 1.12% in the premarket trade.