Reported 22 days ago
Intel's foundry business has signed a significant contract with Amazon's AWS unit to manufacture custom AI chips, resulting in a 7% surge in Intel's shares. This deal marks a crucial step for Intel as it aims to recover its earnings and enhance competitiveness. CEO Pat Gelsinger outlined plans for cost-cutting and restructuring, while also securing approximately $3 billion in funding from the U.S. CHIPS and Science Act.
Source: YAHOO