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Intel Corp (NASDAQ:INTC) stock maintained upward momentum on Tuesday, a day after CEO Pat Gelsinger clarified its restructuring stance, bagged a multi-year, multi-billion-dollar U.S. chipmaking deal from existing customer Amazon.Com Inc (NASDAQ:AMZN) cloud unit and won a U.S. semiconductor grant.
The chipmaker proposed to convert its foundry business into an independent unit with its board and raise external capital. The struggling chipmaker also looks to divest a partial stake in the programmable chip unit Altera.
Also Read: Intel Missed Out on PlayStation 6 Chip Deal to AMD: Report
Intel is also exploring the foundry business spinoff into a publicly traded company, CNBC cited a familiar source.
On Monday, Intel also bagged up to $3 billion in direct funding under the CHIPS and Science Act on top of the $8.5 billion in grants and $11 billion in loans that the company previously won under the act.
Under this act, Intel will help secure the U.S. domestic chip supply chain and collaborate with the Department of Defense (DoD) to enhance the resilience of U.S. technological systems.
Intel will produce an AI fabric chip for Amazon Web Service on Intel 18A and a custom Xeon 6 chip on Intel 3.
Gelsinger also shared plans to postpone its fabrication efforts in Poland and Germany by close to two years due to anticipated market demand and pulled back on its plans for its Malaysian factory.
Intel remains committed to its projects in Arizona, Oregon, New Mexico, and Ohio, per the Intel chief. The chipmaker will also fast-track efforts to implement the $10 billion in cost savings and focus its products better on AI computing.
Intel stock plunged 45% in the last 12 months as its foundry unit failed to capitalize on the AI shift, similar to contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:TSM).
Investors can gain exposure to Intel through Themes Generative Artificial Intelligence ETF (NASDAQ:WISE) and Pacer Funds Pacer Data and Digital Revolution ETF (NYSE:TRFK).
Price Actions: INTC stock is up 6.55% at $22.28 premarket at last check Tuesday.
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