-- Intel Corp. plans to turn its programmable chip division into a standalone business and sell shares to the public or seek an investor for it, part of Chief Executive Officer Pat Gelsinger’s efforts to wring more value from the semiconductor company.Airbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.The division — called the Programmable Solutions Group, or PSG — will become an independent entity starting Jan. 1, Intel said in a statement Tuesday.
Programmable chips — also known as field programmable gate arrays, or FPGAs — can have their function changed or updated even after they’ve been installed in electronic devices. They’re used in communications hardware, data center gear, and in the design and development of other chips. While their characteristics make them extremely flexible and powerful, they have traditionally been difficult to program, making mass adoption difficult.
The spinoff plan mirrors what Intel did with Mobileye Global Inc., a maker of chips for self-driving cars. The company carved out the business and returned a portion of it to public markets last year. Gelsinger’s comeback plan involves a spending spree on new factories. He’s committing billions of dollars to facilities that will take years to come online — an audacious move at a time when Intel’s current product lineup is struggling. The company has lost ground to competitors and the main market for Intel’s processors, personal computers, has slumped back to pre-pandemic levels. Many owners of large data centers, meanwhile, have switched to AI-related gear built on Nvidia Corp. chips.
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