Intel plans to raise $20 billion through an underwritten public offering of 210.5 million shares priced at $95 each. The chip maker’s offering was upsized from the previously announced $15 billion, it said Tuesday. The offering is expected to close Aug. 12.

Intel intends to use the net proceeds for general corporate purposes, citing strong customer demand driven by unprecedented investment in artificial-intelligence compute. The company also granted underwriters a 30-day option to purchase up to 31.6 million additional shares at the offering price.

The upsizing reflects Intel’s aggressive capital strategy amid growing competition in the semiconductor industry and rising demand for AI-focused processors. The move follows broader market trends where tech giants are securing funding to support next-generation chip development and manufacturing expansion.

Write to Megan Cheah at [email protected]