It shed a third of its value so far in 2022. Pat Gelsinger made the largest open-market purchase since becoming CEO of the chip maker in February 2021.
Intel (ticker:INTC) reported disappointing quarterly results earlier this summer and lowered its full-year forecast. Inventory fell 33% in 2022.
Intel was among the major recipients of the Chips and Science Act, which includes more than $50 billion for domestic semiconductor production and research. President Joe Biden signed the bipartisan bill earlier this month. Baron He noted that the funding would not be a quick fix for semiconductor manufacturing as it would be spread out over five years.
The company on Tuesday announced a deal with Brookfield Asset Management to jointly invest up to $30 billion for chip makers in Arizona. Intel plans to pay 51% of the project.
Gelsinger on Wednesday paid $50,1153 for 14,800 Intel shares at an average price of $33.86, according to a filing with the Securities and Exchange Commission. This was the third open executive market purchase of Intel shares in 2022. Intel declined to make Gelsinger available for comment.
Under Gelsinger’s leadership, the company was looking to change course. The efforts include investing billions of dollars to boost its manufacturing capabilities in the United States and Europe. But weak PC demand has weighed on chip makers. The
The exchange-traded fund (SOXX) is down 27% in 2022.
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