Intel CEO Brian Krzanich met with President Donald Trump today, announcing a $7 billion investment in an Arizona semiconductor factory. 

Krzanich said that the Chandler facility, named Fab 42, would employ about 3,000 people at its peak in "high-tech, high-wage jobs."

More than 10,000 additional jobs would be created in support of the factory in surrounding areas, he said.

"This factory will produce the most powerful computer chips on the planet, powering the best computers, the best data centers [and] autonomous cars," he said. 

Krzanich called Fab 42 an "investment in Intel, but also [in] the U.S.'s future in innovation and leadership in the semiconductor industry."

Trump called Intel a "great, great company" and said the new investment is "amazing."

"We're negotiating lots of deals for our country that will be tremendous," said Trump.

The Fab 42 facility will be completed over the next three to four years. Plans for Fab 42 were announced in 2011, but the project was never finished.

President Trump campaigned on the promise to bring back investment and jobs to the United States. He tweeted last week to encourage Samsung to move forward on its reported plan to build a U.S. factory. 

He recently welcomed U.S. auto executives to the White House, promising a "big league" push on bringing long-term manufacturing jobs back to the U.S. 

Watch the comments above and read the statement from Intel, here.

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