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The factory will be in Chandler, Arizona, the company said, and over 10,000 people in the Arizona area will support the factory. Krzanich confirmed to CNBC that the investment over the next three to four years would be to complete a previous plant, Fab 42, that was started and then left vacant.
The 7 nanometer chips will be produced there will be "the most powerful computer chips on the planet," Krzanich said in the Oval Office with the Trump administration. Most Intel manufacturing happens in the U.S., Krzanich said.
"America has a unique combination of talent, a vibrant business environment and access to global markets, which has enabled U.S. companies like Intel to foster economic growth and innovation," Krzanich said in a statement. "Our factories support jobs — high-wage, high-tech manufacturing jobs that are the economic engines of the states where they are located."
After the announcement, Trump tweeted his thanks to Krzanich, calling the factory a great investment in jobs and innovation.
It comes as the technology industry has pushed back against the Trump administration, amid mounting pressure to move manufacturing jobs back to the U.S. There will be no incentives from the federal government for the Intel project, the White House said.
Intel was one of more than 100 companies that joined together to file a legal brief opposing Trump's temporary travel ban on people from seven Muslim-majority nations.
The White House had said earlier that Vice President Mike Pence would speak on Wednesday with Tesla and SpaceX CEO Elon Musk, a member of Trump's business advisory council, whose companies had also signed onto the brief.
— Reuters contributed to this report.