Intel, Samsung, and Toshiba are joining forces and pooling R&D efforts to build 10 nanometer semiconductor chips by 2016, according to Reuters. The three have joined a consortium to work towards the goal. The Japanese Ministry of Economy, Trade and Industry is expected to provide 50 percent for the initiative, which equates to 5 billion yen ($62.12 million or €44.69 million). The rest is expected to come from the members of the consortium.

Intel is the world's largest chipmaker, while Samsung and Toshiba are the world's first and second makers of NAND-type memory, respectively. In other words, these are the three musketeers of chip land. Ten more companies, operating in semiconductor materials and related fields, are expected to be invited once the initial details get worked out.

Earlier this month, Samsung announced the industry's first production of a 3-bit-cell, 64 gigabit NAND flash using a 20nm process technology. With these hardware giants working together, we'll be watching that number continue to drop over the next few years.