Intel May Sell Foundries And Cancel Factory Construction To Cut Costs

Intel will reportedly sell its foundry business as well as cancel some of its factory construction projects in a move to reduce the company's operating costs, according to a Reuters report. This is a move that is believed to be announced by CEO Pat Gelsinger to the board of directors in the middle of the month.The chip fabrication plant may be sold to TSMC while construction of a $32 billion plant in Germany is canceled to reduce the company's capital spending. Also Altera which produces programmable chips may also be sold even though it was only bought by Intel nine years ago.2024 is not a good year for Intel as they announced 15,000 layoffs earlier last month to cut costs by up to $10 billion. The issue of damage to Intel Core Gen-13 and Gen-14 chips is also gaining industry attention as they need to replace affected customer chips. Due to these two incidents, the Intel Innovation event which was supposed to last two weeks was postponed to 2025.

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Intel May Sell Foundries And Cancel Factory Construction To Cut Costs

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