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

Intel said Monday that it's creating a separate entity for its foundry business, a structure that could allow it to raise outside funding.CREATE FREE ACCOUNT

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. Beyond just considering outside funding, Intel is weighing whether to spin off the foundry business, possibly into a separate publicly traded company, according to a person with knowledge of the matter who declined to be named to discuss confidential information.

Prior to the post-market pop, Intel had lost almost 60% of its value this year. The company has given up market share in its core PC and data center business and watchedrun away with the market for chips that power artificial intelligence workloads.

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Intel rallies to highest level since earnings disaster on foundry spin-off rumorIntel (INTC), the troubled legacy semiconductor giant, jumped 9% on Friday after the company leaked internal discussions over spinning off its foundry business and refocusing on chip design.
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