Struggling chip maker Intel Corp (NASDAQ:INTC) continues to receive takeover proposals from chip companies, the latest of which Arm Holdings Plc (NASDAQ:ARM) follows Qualcomm Inc‘s (NASDAQ:QCOM) proposal earlier.
Arm Holdings recently proposed acquiring Intel’s product unit. However, Bloomberg reports that Intel has no plans to sell the business division.
Intel shares fell 31% as it failed to capitalize on the shift in artificial intelligence, something the chipmaker contracts Taiwan Semiconductor Manufacturing Co (NYSE:TSM) excelled at.
Also read: Super Micro unveils next-generation servers powered by Intel’s latest Xeon chips
Meanwhile, some reports pointed to Intel’s plans to convert its foundry business into an independent unit, including exploring a spin-off into a publicly traded company. The chipmaker also explored divesting a stake in programmable chip unit Altera.
However, Intel’s recent big wins also included a deal for U.S. chip manufacturing Amazon.Com Inc (NASDAQ:AMZN) Amazon Web Services and the US Chip Subsidy.
The chipmaker also made clear it would not divest a majority stake in the troubled Israeli autonomous driving company Mobileye Global Inc (NASDAQ:MBLY), whose shares are down 66% in the last twelve months.
Intel’s investigation into stock sales to companies like Qualcomm and Arm could hamper its US subsidy on antitrust grounds, the Financial Times reports.
Multiple deals, including Nvidia’s proposal to spin off Arm Holdings Softbank Group Corp (OTC:SFTBF) (OTC:SFTBY) and Intel’s Tower semiconductor (NASDAQ:TSEM) deal has succumbed to global regulatory opposition.
The semiconductor sector had a good week, supported by key rate cuts in the US and China, and an optimistic quarterly outlook of Micron Technology, Inc (NASDAQ:MU), and continued AI investments from Big Tech companies.
Semiconductor ETFs, Invesco Semiconductor ETF (NYSE:PSI) and SPDR S&P Semiconductor ETF (NYSE:XSD), is up 5%-7% over the past five days.
Price promotion: INTC shares were down 0.04% at $23.91 at last check on Friday.
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