Broadcom Plans Investment in EU-Funded Chip Program in Spain

Broadcom intends to invest in a European Union-funded chip program in Spain. The project could be worth around €1 billion.

This means that Broadcom is the latest US technology player to confirm intentions to invest in Spain’s chip industry, after Cisco announced in November 2022 it was planning to open a new chip design center in Barcelona. Broadcom's president of semiconductor solutions Charlie Kawwas announced the investment plans on Twitter, stating it will be made under the European Chips Act, an EU initiative that includes a €43 billion pot to increase the European share of the global semiconductor market to 20% by 2030.

Spain has also said it will allocate as much as €12 billion from the EU’s pandemic relief fund to subsidize the development of the country’s semiconductor industry. Spanish economy ministry said the program Broadcom will be involved with could be worth €1 billion, although it was not revealed how much the company itself will invest. The project will include the construction of large-scale back-end semiconductor facilities unique in Europe.