U.S. semiconductor manufacturer Intel Corp. saw its stock jump by more than 9% on Friday. The rally has been associated with recent rumors about a potential takeover.
Tech-based outlet SemiAccurate recently reported about an email in which an unnamed company expressed interest in acquiring Intel outright. The email was discovered two months ago but the outlet took time in order to make sure it was real.
“Last week we got confirmation, directly, from another highly placed source,“ SemiAccurate said in its report.
Reportedly, the company in question hasn’t been linked publicly with the acquisition of Intel and has the resources “to pull it off.”
Intel has been the subject of takeover rumors for the better part of 2024 as the company struggled to keep up with the changing market and had its stock plummet by more than 50%. Qualcomm, which produces chips for smartphones and other electrical devices, has been mentioned as a possible buyer but its interest has cooled off recently.
Another reason for the surge in Intel’s shares could be the decision to separate Intel Capital, the company’s global venture capital arm, into a standalone fund. The move was made in order to enable the fund with “greater autonomy and the flexibility to attract external capital,” while Intel remained the anchor investor.
Intel’s stock closed at $21.49 per share on Friday following a 9.25% jump. The stock is 6.28% up since the beginning of the year.