In the midst of all the moaning and passing the pink slips in corporate America these days, one company has decided to step up and play a leadership role.

On Feb 10, Intel CEO Paul Otellini announced the chipmaker’s plans to invest $7 billion in its U.S. manufacturing plants over the next two years.

It was an important story that got very little play in the media. The world’s biggest manufacturer of semiconductors has placed a huge bet that the sky isn’t really falling in and that the world economy will actually recover.

Unfortunately, the good news was overshadowed by the predictably negative reaction of the sourpusses on Wall Street’s to Treasury Secretary Tim Geithner’s bank bailout plan.

Given the current state of the economy, Intel will probably get about $10 billion in value out of its $7 billion investment – but that’s almost beside the point.

Intel recognizes that in the current world financial crisis – as in any other crisis – the only way out is through. Government spending can jump-start the global economy but corporate and consumer spending are the only things that can keep it going.

Now that Intel has put some skin in the game, who’s next?

While it is true that not many companies can ante up $7 billion over two years for infrastructure investments, there are many companies who can place a bet on the future in smaller ways such as not laying off employees, or, making smaller investments in the future.

For example, CSR, the UK-based fabless IC company that dominates the Bluetooth market, just bought GPS chip specialist SiRF for $136 million –even though CSR’s revenues we down by $92 million (about 40%) in the fourth quarter. It was a stock deal, which makes it even more attractive given stock valuations. But it still took a certain amount of courage considering that most CEOs are hunkered down in their corporate bunkers.

As a journalist who has covered high technology for 25 years, I can’t say that I am an unwavering admirer of Intel. (In fact, I’m kind of on the outs with Intel these days because of a story I wrote last year.) But there is no denying that it has been very successful and a good part of that success can be credited to being out in front of the pack.

And as a free-lance writer who depends on what one might call discretionary spending by corporations for my income, I’ve weathered a few recessions. They have similar and similar outcomes. Some companies like Intel view a recession as an opportunity to gain a competitive advantage on their risk-adverse competition. Most companies just sit on their hands.

So far, it looks like this recession is playing out the same way. I would have to guess that the results two years from now will be the same as well. Intel, CSR and a few others will find themselves in very strong competitive positions.

The market rewards risk and this is no less true during bad economic times.

Written by Jack Shandle, Founder and president of e-ContentWorks

Each month, we invite a member to voice their opinion and contribute to the newsletter or the blog. Do you want to be published? Email us at events@faccsf.com