04:20 PM EDT, 06/10/2024 (MT Newswires) -- Intel (INTC) is reportedly stopping work on a proposed $25-billion chip factory project in Israel, multiple media reports said Monday.

Cancellation notices have been delivered to unnamed local suppliers and contractors for the project in recent days, Israeli financial news website Calcalist reported.

"Managing a project of this magnitude, especially in our industry, usually involves schedule adjustments. Our decisions are based on business conditions, market dynamics and capital management responsibility," Intel said in a statement, Globes reported, citing a report on Channel 12 News.

Intel did not immediately respond to a request for comment by MT Newswires.