TECH - What's Going On With Intel Stock Friday? | Benzinga
Intel Corp's (NASDAQ: INTC) CEO, Pat Gelsinger, announced that the company will not be spinning off its contract chip manufacturing division. This unit, now named Intel Foundry Services (IFS), is set to operate as a separate business within Intel.
It will start reporting its financials in the second quarter of the following year, Reuters reports.
Unlike its Mobileye Global Inc (NASDAQ: MBLY) autonomous driving business and its programmable chip unit's upcoming separation, Intel has no plans to make IFS an independent entity.
Gelsinger explained that the internal foundry model is the most suitable approach for Intel in the current market ...