XOM Invests $100M to Boost High-Purity Isopropyl Alcohol Production [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
The investment will be used for the upgradation of the chemical complex to produce a highly purified form of isopropyl alcohol. The substance, used to clean and process microchips, is witnessing an increasing demand from the tech industry. ExxonMobil's decision to spend on the upgradation at its chemical facility comes amid a surge in demand for microchips, driven by the rise of artificial intelligence (AI) and advanced cloud computing. The boom in AI is driving tech companies to build additional data centers, which require specialized chips along with in-house chips used by these companies to train specialized AI models. This is expected to result in a surge in demand for high-purity isopropyl alcohol, which is required for cleaning these chips. ExxonMobil stated that the upgrades at the chemical plant are expected to be completed by 2027. The upgraded chemical facility shall allow XOM to meet the increasing demand for the product in the United States. The upgraded facility will
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