Intel Corporation (NASDAQ:INTC) shares are trading lower by 2.54% to $32.68 Thursday morning after the company and Tower Semiconductor recently terminated their pending merger agreement.
Intel cites the termination is linked to regulatory approval delays. Intel will pay a $353 million termination fee. Despite this setback, Intel’s CEO, Pat Gelsinger, emphasized their commitment to foundry efforts and technology leadership.
Stuart Pann, SVP of Intel Foundry Services (IFS), highlighted IFS’s growth and diverse offerings. Intel says IFS achieved over 300% YoY revenue growth in the second-quarter 2023, secured partnerships and won defense contracts.
According to data from Benzinga Pro, Intel has a 52-week high of $40.42 and a 52-week low of $24.59.
