Intel's stock more than doubles in April for best month in chipmaker's 55 years on Nasdaq
Intel's stock had its best month in over 55 years on Nasdaq, driven by renewed investor confidence in its advanced packaging technology and new foundry commitments from companies like Elon Musk's Tesla, SpaceX, and xAI. The company has scaled back previous expansion plans but is now focusing on next-generation 14A chip technology and regaining control of key manufacturing assets, such as its Ireland fab. Partnerships and potential deals with Google, Amazon, and Cisco for advanced packaging have further bolstered expectations for future revenue growth.
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Tan has moved to unwind some of Gelsinger's aggressive efforts. Intel slashed 15% of its workforce in July and canceled chip fab projects in Germany and Poland. In Ohio, Intel's giant new chip fab is delayed until 2030, after initial plans had it starting production this year. Tan wrote in a memo about the layoffs that, "Over the past several years, the company invested too much, too soon – without adequate demand." In January, Tan began to change his tune, saying Intel is "going big time" into its next-generation technology, 14A. Tan said on last week's earnings call that "multiple customers" are "actively evaluating the technology" and that its being developed at a faster pace than 18A.Intel's only major outside commitment for foundry so far came from Elon Musk.
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