US EditionIntel to spin out programmable chip unit, hold IPO; shares rise 2%
- Intel plans to spin off its programmable chip unit as a standalone business and potentially hold a public offering for its stock within the next two to three years. The move is part of Intel's efforts to streamline its business and raise capital for its manufacturing arm.
- Sandra Rivera, an Intel veteran, will lead the new unit, which will continue to use Intel's factory for chip production. The company is currently searching for a replacement for Rivera in her current position overseeing data center and AI chip business.
- Programmable chips, which bridge the gap between general-purpose chips and specialized chips, have seen growing demand in various industries, including artificial intelligence. Intel's programmable chip unit has experienced record revenue for three consecutive quarters.
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Intel to spin out programmable chip unit, hold IPO; shares rise 2%
:Chipmaker Intel said on Tuesday it plans to operate its programmable chip unit as a standalone business starting January next year, with plans to hold a public offering for stock in the business over the next two to three years.Intel shares were up more than 2 per cent after the bell.Intel acquired th
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