Intel Corp. shares rose after the company announced plans to spin off one of its units as a public offering over the next two to three years.
Intel Corp. shares rose in the extended session Tuesday after the chip maker announced plans to spin off one of its units as a public offering over the next two to three years.
Shares of Intel INTC, +0.65% rose as much as 2.5% after hours, following a 0.7% gain in the regular session to close at $35.69. Meanwhile, the S&P 500 index SPX fell 1.4% Monday, and the tech-heavy Nasdaq Composite COMP fell 1.9%. Intel said late Tuesday it intended to operate its programmable solutions group as a standalone business beginning Jan. 1, and report it as a separate unit in the company’s first-quarter 2024 earnings report.
Sandra Rivera, who currently runs Intel’s data-center and AI group, will lead PSG as chief executive, Intel said. Rivera will continue to run the data-center group until a successor is named. “Our intention to establish PSG as a standalone business and pursue an IPO is another example of how we are consistently unlocking more value for our stakeholders,” Pat Gelsinger, Intel’s chief executive, said in a statement.
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