Intel shares jumped almost 4% in early trading on Tuesday, as a chip-making deal with Amazon’s cloud business gave a major stamp of approval to its money-losing contract manufacturing business.
After a near 60% slump in Intel’s shares this year, the deal provides some respite to strained investors as the once-leading chipmaker bets its future on a costly turnaround hinging on its foundry unit.
Intel (INTC.O), opens new tab will build custom AI chips for Amazon Web Services (AWS) as part of the multibillion-dollar deal, expanding a years-long partnership between the companies.
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