Intel stock jumps after reports of possible Apollo investment

Published On Sep 23, 2024, 9:30 AM

Intel's stock surged following reports of a potential multi-billion dollar investment from Apollo Global Management, which may invest up to $5 billion. Intel is also rumored to be considering a takeover by Qualcomm, which has raised concerns among Qualcomm investors. Despite the boost in stock price, Intel has faced significant challenges in the AI chip market, trailing behind competitors like Nvidia and AMD, and is taking steps to cut costs by laying off employees. Analysts have expressed skepticism about a Qualcomm merger and suggest that Intel should exit its foundry business altogether. Additionally, Intel has announced a new partnership with Amazon and received $3 billion in funding from the U.S. government for its CHIPS Act initiatives.