Behind Intel Corp.’s multibillion-dollar revival plan is a growing view among tech executives that booming demand for computer chips will continue beyond the pandemic.

Intel on Tuesday committed to a record $19 billion to $20 billion in capital expenditures this year, or about 45% above the company’s average annual capital expenditures over the past five years.

Taiwan Semiconductor Manufacturing Co. , the world’s leading contract chip maker, in January pledged to spend up to $28 billion on plant investments this year, a record for that company and a 47% annual increase.

“Everything is becoming more digital and we are saying Intel is stepping into that gap aggressively to help provide the capacity that’s needed,” Intel Chief Executive Pat Gelsinger said Tuesday as he rolled out his turnaround plan for the company. The embrace of more digital tools fueling that demand, he said, was only accelerated by the pandemic.

Microsoft Corp. CEO Satya Nadella, joining his Intel counterpart by video at the chipmaker’s strategy rollout, said that “we’re entering a complete new era as computing becomes embedded in our world.”