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Intel wants to regain its position as the world's leading chipmaker, CEO Pat Gelsinger said, after being overtaken by rivals TSMC and Samsung in recent years.
It was quite a week for Intel.
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.
The Biden administration on Monday awarded Intel up to an additional $3 billion under the CHIPS and Science Act for the "Secure Enclave" program, which is designed to expand the supply of microelectronics for the U.S. Department of Defense.
Intel has been badly beaten down of late, losing 60% of its value this year as it struggles to find its way in the booming artificial intelligence market while aggressively building out fabs in the U.S. The company is turning to Commerce Secretary Gina Raimondo for help.
Intel executives are working with multiple advisors to formulate options to address its flagging business, according to a person with knowledge of the matter.
Intel CEO Pat Gelsinger said on Thursday that it's been a "difficult few weeks" since the chipmaker's disastrous earnings report and the company is working hard to address investor concerns.
Intel is working with advisors including Morgan Stanley to help defend itself against activist investors, according to people familiar with the matter, as CEO Pat Gelsinger attempts to turn around the struggling chipmaker.
Intel has sold its 1.18 million share stake in British chip firm Arm Holdings, according to a regulatory filing, as the California chip designer shores up its balance sheet amid intense competition.