Intel Corporation (NASDAQ:INTC) saw its shares rise by 9.25% on Friday, ending at $21.49 per share, following news of an acquisition by a large undisclosed company. The move comes as the chipmaker struggles to keep up with technological advancements.
Last month, CEO Pat Gelsinger was ousted after the board lost confidence in his strategy. Intel had previously been approached by Qualcomm for an acquisition but cooled on the idea. Arm Holdings Plc has also expressed interest in buying Intel’s product division, but was told it wasn’t for sale.
The CHIPS and Science Act, signed into law by President Joe Biden last year, aims to boost domestic semiconductor manufacturing. Intel Corp. plans to increase domestic chip production as a matter of national security.
Intel ranks 4th on our list of top-performing stocks from Friday’s session. While the company shows potential, AI stocks are seen as more promising for delivering higher returns within a shorter timeframe.
Source: https://finance.yahoo.com/news/why-intel-corporation-intc-skyrocketed-144450158.html