Tag: $Intel Corp.

Pat Gelsinger has abruptly stepped down as Intel chief executive, ending a nearly four-year run during which he failed to halt the Silicon Valley icon’s slide into turmoil.

Intel said on Wednesday its deal for $7.86 billion in U.S. government subsidies restricts the company’s ability to sell stakes in its chipmaking unit if it becomes an independent entity.

On Tuesday, the Biden administration announced the Commerce Department has awarded $7.865 billion to the company via direct funding from the Chips and Science Act.

The U.S. government plans to reduce Intel Corp’s preliminary $8.5 billion federal chips grant to less than $8 billion, the New York Times reported on Sunday citing unnamed sources.

Intel’s upbeat revenue projections on Thursday masked a sore point for the embattled company: chips touted for artificial intelligence have not lived up to sales expectations.

The chipmaker, which has lost over half its value this year and last month had its worst day on the market in 50 years after a disappointing earnings report, started the week on Monday by announcing that it’s separating its manufacturing division from the core business of designing and selling computer processors.

Shares of Mobileye Global were rising Thursday after majority shareholder Intel said it currently has no plans to divest a majority interest in the autonomous-driving company.

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.

Intel’s shares rose more than 3% before the bell on Friday, as a report of the struggling chipmaker exploring options that could include a merger or a split induced some investor enthusiasm after one of the stock’s worst slumps in decades.

Intel was set to erase nearly $25 billion in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and slashed workforce to fund a costly turnaround for its chip-making business.

U.S. chipmaker Intel on Tuesday announced new artificial intelligence chips for data centers, as it looks to take on rivals Nvidia and AMD, which have showcased upcoming chips in the last two days.

 Intel shares slumped more than 7% premarket on Friday after a downbeat second-quarter sales forecast signaled that the boom in AI technology was diverting enterprise spending away from its traditional data center and PC chips.

Intel said operating losses in its chip manufacturing arm should peak this year, with the business expected to reach break-even in 2027.

China has rolled out new guidelines that will phase out U.S. processors in government computers and servers, effectively blocking chips from Intel and AMD, the Financial Times reported on Sunday.

The government is betting on Intel to help the U.S. become more self-sufficient at making advanced semiconductors.

The Biden administration is in talks to confer more than $10 billion in subsidies to Intel Corp., people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.

Intel issued an outlook for the first quarter of 2024 that lagged analyst estimates.

Israel’s government agreed to give Intel a $3.2 billion grant for a new $25 billion chip plant it plans to build in southern Israel, both sides said on Tuesday, in what is the largest investment ever by a company in Israel.

Intel reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as its revenue declined from the year-earlier period.

Intel said it will treat its Programmable Solutions Group as a standalone business, with the goal of conducting an IPO for the unit in the next two to three years.