Intel will pay a termination fee of $353 million to Tower Semiconductor. The decision reflects growing tensions between the U.S. and China, impacting corporate deals, especially in the tech sector.
Despite these developments, Intel has announced a substantial $25 billion investment in a new Israeli factory, marking the largest-ever foreign investment in the country.
Intel’s foundry business witnessed a surge in revenue to $232 million in Q2. Primarily from “advanced packaging,” a process that combines components of chips to create more powerful ones.
Cooling demand for Intel’s chips post-pandemic growth has prompted the company to implement cost-cutting measures.