Tesla and SpaceX plan to build new chip factories in Texas

Elon Musk announced that his companies, Tesla and SpaceX, plan to build new advanced chip manufacturing facilities in Texas. The project, referred to as 'Terafab' in some reports, would produce semiconductors for the companies' own use.

Musk said the factories would be built in Austin. The plans are for the companies to manufacture their own chips, rather than buying them from other suppliers.