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

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Intel said it's turning its foundry business into an independent unit with its own board and the potential to raise outside capital.

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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