Intel Might Spin Off Its Foundry Business or Scrap Expansion to Cut Losses!

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Quick Report

Intel might spin off its foundry business or scrap expansion to cut losses according to Bloomberg report after intel started talking to investment banks to spin out the foundry business and scrap expansion plans to cut losses. Intel's Q2 2024 earnings were down and with a operation loss of $1.6 billion.

This news does not come as a shocker after intel announced it will be streamline its marketing division and cut 12,000 jobs worldwide. Intel has currently fallen behind TSMC as the world's largest chip manufacturer for many fabless companies. It is uncertain whether intel will completely axe its plans to make manufacturing plants at US and Europe considering the current economic condition.

Source(s)

  • TPU
  • Bloomberg Report