Apollo, an American asset management firm, and Intel, an American multinational corporation and technology company, agreed to form a $11bn joint venture. “Intel’s agreement with Apollo gives us additional flexibility to execute our strategy as we invest to create the world’s most resilient and sustainable semiconductor supply chain. Our investments in leading-edge capacity in the US and Europe will be critical to meet the growing demand for silicon, with the global semiconductor market poised to double over the next five years. This transaction allows us to share our investment with an established financial partner on attractive terms while maintaining our strong investment-grade credit rating,” David Zinsner, Intel CFO.