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.
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 Intel’s data-center group until a successor is named. The move follows last year’s $35 billion acquisition of field-programmable gate array, or FPGA, chip maker Xilinx by Advanced Micro Devices Inc. AMD, -3.09%, which is currently seen as the second-best-positioned chip maker for AI behind Nvidia Corp. NVDA, -2.82%.
FPGAs are considered important for growing data centers in that they can be configured by a customer or a designer after they are made. Those chips are used as accelerators in data centers to boost computing power and improve power efficiency in existing physical spaces. Last year, Intel spun off Mobileye Global Inc. MBLY, -4.51% as a standalone company. Mobileye shares have risen 89% since beginning trade Oct. 26, 2022, on the Nasdaq, following a pricing of $21 a share.
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