Intel, Aiming to Reverse Slump, Unveils New Contracts and Cost Cuts

Published On Sep 16, 2024, 3:46 PM

Intel has recently announced that it received a $3 billion government grant to expand semiconductor manufacturing, particularly for the U.S. military. The company has also signed contracts with Amazon to produce chips for its services. However, Intel will pause the construction of new plants in Germany and Poland for about two years due to decreased chip demand. This move is part of a broader effort to streamline operations, which includes plans to create an independent subsidiary for its foundry business. The recent announcements have led to a significant increase in Intel's stock price, rising over 8%.