Intel, VCs plan to invest $3.5B in U.S. companies

Intel Corp. is reportedly planning to make $3.5B billion in investments in U.S. companies in a fund being established along with venture capital firms.

The Wall Street Journal cited unnamed sources it said are familiar with Intel's plan who said the plan doesn't require raising additional capital.

It isn't known when the plan will be announced but CEO Paul Otellini is in Washington, D.C., for a speech at the Brookings Institution which the organization said will focus partly on "the need to create a culture of investment in the United States."

In another Washington speech a year ago, Otellini announced Intel would invest $7 billion over two years to upgrade its U.S. chip factories. He is expected to renew a call for other U.S. companies to follow Intel's (NASDAQ: INTC) lead on that front in his speech Tuesday.

Intel’s largest presence is in Washington County, where it employs about 15,000 workers in Hillsboro, Aloha and Beaverton.