Intel raised $20 billion in an upsized share offering to fund the expansion of its chip contract manufacturing business, Reuters reports.

The US chipmaker priced the stock sale at $95 per share, representing a 2.6% discount to its previous close, after initially aiming to raise $15 billion.

Intel raised its capital expenditure forecast to $20 billion in July amid rising demand for artificial intelligence processors, and plans high-volume production using its 14A manufacturing process by 2028, The Straits Times reports.