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Shares of Intel rose sharply this past week after the chip designer moved to strengthen its foundry network. The stock was up nearly 17%, according to data provided by S&P Global Market Intelligence.
Intel reached an agreement with Apollo Global Management to repurchase a 49% stake in its Fab 34 site in Ireland for $14.2 billion. Fab 34 produces a high volume of Intel’s Xeon 6 and Core Ultra processors, which are used in data center servers and artificial intelligence-enabled personal computers.
Intel said the acquisition will begin to boost its per-share profits by 2027. The company’s move is also intended to strengthen its financial profile and support forthcoming customer wins, according to analysts.
Fab 34 is described as central to Intel’s AI-driven expansion plans. Management’s decision to buy the facility outright reflects confidence in the semiconductor company’s manufacturing prospects, and analysts said the transaction is a positive signal for Intel’s AI ambitions.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…