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Intel Corp (NASDAQ:INTC) is weighing strategic options, including splitting its product design and manufacturing businesses. The plan includes scrapping factory projects and potential mergers and acquisitions, Bloomberg cites familiar sources.
Morgan Stanley and Goldman Sachs are advising Intel regarding the strategic options that the chipmaker proposes to place to its board during a meeting in September. The stock price gained after the report in premarket trading.
Sources expect a potential separation or sale of Intel’s foundry division to be unlikely as it has yet to win external customers to compete with contract chipmakers like Taiwan Semiconductor Manufacturing Co (NYSE:TSM)
Sources also expect Intel to postpone some of its expansion plans.
Recently, Republican Senator Rick Scott called out Intel for its workforce downsizing plans despite being a contender for a $20 billion U.S. chip subsidy that aims to create over 10,000 manufacturing jobs and 20,000 construction jobs in the U.S.
After its dismal second-quarter print, Intel disclosed a $10 billion cost-reduction plan, including plans to slash headcount by over 15%.
Intel stock has plunged 42% in the last 12 months as its PC and data center segments struggled due to enterprises’ shift to artificial intelligence. Taiwan Semiconductor gained over 78%, and Nvidia Corp (NASDAQ:NVDA) gained 139% by tapping the AI frenzy.
Price Action: INTC stock is up by 2.88% at $20.71 premarket at last check Friday.
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