Intel today announced plans to invest more than $7 billion to complete Fab 42, which the company describes as the most advanced semiconductor factory in the world.

The high-volume factory is in Chandler, Ariz., and is targeted to use the 7 nanometer (nm) manufacturing process. The announcement was made by U.S. President Donald Trump and Intel CEO Brian Krzanich at the White House, following a meeting with President Donald Trump.

The completion of Fab 42 in 3 to 4 years will directly create approximately 3,000 jobs for process engineers, equipment technicians, and facilities-support engineers and technicians who will work at the site.

Intel is America's largest high-technology capital expenditure investor ($5.1 billion in the U.S. 2015) and its third largest investor in global R&D ($12.1 billion in 20151). The majority of Intel's manufacturing and R&D is in the United States. As a result, Intel employs more than 50,000 people in the United States.

The chips made on the 7 nm process will power sophisticated computers, data centers, sensors and other high-tech devices, and enable things like artificial intelligence, more advanced cars and transportation services, breakthroughs in medical research and treatment, and more.