Benzinga
Benzinga
  • 2 months ago
Intel's shares surged 8% after announcing plans to restructure its foundry business as an independent unit with a dedicated board and the potential to raise external capital. Intel will sell a portion of its stake in Altera and possibly spin off the foundry business into a separate public company. Intel has seen a 60% decline in value and faced sharp competition from Nvidia in the AI chip market. The foundry business also paused fabrication projects in Poland and Germany but secured $3 billion in funding from the U.S. government for a defense collaboration. Intel further extended its AI chip partnership with Amazon Web Services.
Transcript
00:00It's Benzinga and here's what's on the block.
00:03Intel shares surged 8% after announcing plans to restructure its foundry business as an
00:07independent unit with a dedicated board and the potential to raise external capital.
00:12Intel will sell a portion of its stake in Altera and possibly spin off the foundry business
00:17into a separate public company.
00:19Intel has seen a 60% decline in value and faced sharp competition from Nvidia in the
00:24AI chip market.
00:25The foundry business also paused fabrication projects in Poland and Germany, but secured
00:30$3 billion in funding from the U.S. government for a defense collaboration.
00:35Intel further extended its AI chip partnership with Amazon Web Services.
00:39For all things money, visit Benzinga.com

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