Intel stock jumps on plan to turn foundry business into subsidiary and allow for outside funding

Posted under: Tech Move
Date: 2024-09-17
Intel stock jumps on plan to turn foundry business into subsidiary and allow for outside funding

Intel shares jumped 8% in extended trading Monday after the company said it plans to turn its foundry business into an independent unit with its own board and the potential to raise outside capital. As part of CEO Pat Gelsinger’s effort to turn around the struggling chipmaker, Intel said in a memo to employees that it will also sell off part of its stake in Altera.

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