Intel stock jumps on plan to turn foundry business into subsidiary and allow for outside funding
Publishing timestamp: 2024-09-16 20:05:08
Summary
Intel plans to create a separate entity for its foundry business, potentially raising outside funding. The company's stock has lost almost 60% of its value in 2024. Intel shares jumped 8% after the announcement. The restructuring is part of CEO Pat Gelsinger's efforts to turn around the struggling chipmaker. Intel is also pausing fabrication efforts in Poland and Germany, while receiving up to $3 billion in funding from the Biden administration for its Secure Enclave program. Additionally, Intel has entered into a deal with Amazon Web Services to produce custom chips for AI, potentially giving the company a new foothold in the growing industry.
Sentiment: MIXED
Tickers: GOOGL, MSFT, AMZN, NVDA, INTC, TSM,
Keywords: microsoft corp, nvidia corp, technology, alphabet inc, business news, intel corp, breaking news, amazon.com inc, breaking news: technology, pat gelsinger,