CEOs of OpenAI and Intel cite artificial intelligence's voracious appetite for processing power
Two tech CEOs scrambling to produce more of the sophisticated chips needed for artificial intelligence have met for a brainstorming session while the market’s early leader reported another quarter of eye-popping growth.
Intel and Germany sign agreement for $32.8 billion chip plant investment
Intel and the German government have signed a deal that would see the U.S. company investing more than 30 billion euros ($32.8 billion) in a chip manufacturing site in the German city of Magdeburg, with financial support from Berlin.
Asian markets push higher despite tech sell-off on Wall St
Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple. (AP Photo/Ahn Young-joon)BEIJING – Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple. The Russell 2000 index lost 2.4% to 2,134.27. Banks have been volatile the last couple of weeks as investors try to gauge the impact of higher interest rates on the U.S. economy. Higher interest rates can slow economic momentum, but they also allow banks to charge more for loans.
US stocks shake off a wobbly start and end mostly higher
U.S. stock indexes closed mostly higher Friday, though the S&P 500 posted its first weekly loss in four weeks. Treasury yields remained near their highest levels since June. Before this week, the S&P 500 had notched a weekly gain three weeks in a row. American Express fell 3.6% and chipmaker Intel sank 10.6%, the biggest decline in the S&P 500, after reporting weakness in its data center business. Treasury yields dipped but remain near their highest levels since June.
Intel to sell NAND business to SKorean rival for $9 billion
An employee leaves an office of SK Hynix Inc. in Seongnam, South Korea, Tuesday, Oct. 20, 2020. Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea's SK Hynix as it moves toward more diverse technologies while shedding a major Chinese factory at a time of deepening trade friction between Washington and Beijing. Intel said it will keep its “Optane” business of more advanced memory products, which analysts say are mostly produced in the United States. SK Hynix said the companies expect to get required governmental approvals for the deal by late 2021. The transaction, if completed, could reportedly make SK Hynix the world’s second-largest provider of NAND flash memory chips behind Samsung Electronics, another South Korean chip giant.
Intel's stock plunges as work on new computer chip bogs down
The unexpected snag means Intel's 7-nanometer processing technology won't be ready until the end of 2022 or early 2023, raising the possibility that other chip makers will already have taken another leap ahead. TSMC's stock surged nearly 11% Friday, a sign that Wall Street expects its next-generation chips to have a clear competitive advantage now that Intel is so far behind in its work. While the overall stock market has kept climbing, Intel shares hit their peak of $75.81 almost 20 years ago. Intel suffered another blow last month when Apple announced it will soon begin relying on its own chips to power its Mac computers instead of Intel's. Although he said the company is not happy" with the delays in its next-generation chips, Intel CEO Robert Sway sought to reassure analysts during a Thursday conference call.
Intel will release data on how much it pays women, employees of color
Companies with more than 100 employees must now provide pay data. SANTA CLARA, Calif. - Intel plans to release data on how much its employees are paid, broken down by gender, race and ethnicity, by the end of this year, the company confirmed. The agency will not release companies' data, but Intel says it will share the data publicly, a move first reported by Bloomberg. "With the requirement to report pay data, the EEOC is emphasizing the need for change in the industry, and that is [a] great first step in the right direction." African American employees comprised 4.6% of Intel's workforce; Hispanic employees 9.2%; and Native American employees 0.7%, according to the 2018 report.
Apple buys Intel's smartphone modem business
Now investors are wondering just how much iPhone sales could shrink. CUPERTINO, Calif. - Apple just bought the bulk of Intel's smartphone-modem business in a deal valued at $1 billion. Apple will now hold over 17,000 wireless technology patents, according to the release. Intel will still be able to develop modems for non-smartphone applications, such as PCs and autonomous vehicles. In April, Intel said it would no longer make 5G modems for smartphones, citing "no clear path to profitability and positive returns" in the business.
Stocks set for mixed open as earnings bonanza continues
iStock/svariophoto(CNN) - The Dow is set to open higher, but stocks are mixed Thursday on one of the biggest days of the earnings season. Before the bell, American Airlines reported second-quarter results, forecasting a $400 million hit for full-year earnings from Boeing's 737 Max crisis. The European Central Bank delivered its monetary policy update. The central bank left interest rates unchanged and said rates would remain at their current levels or lower "at least through the first half of 2020." The central bank said in a statement it would "examine options" such as new asset purchases.
Intel stock up amid talk it'll sell part of its chip business to Apple
Justin Sullivan/Getty ImagesSANTA CLARA, Calif. - Intel's stock rose more than 1% in after-hours trading Monday amid reports that Apple is in talks to buy its smartphone-modem chip business. Apple would also acquire Intel's work developing chips for 5G, the next generation of ultra-high speed wireless, according to the report. Intel and Apple have been in talks for roughly a year, according to the Journal. The talks stalled as Apple reached a settlement over a patent-licensing disagreement with Intel competitor Qualcomm, which used to be the main supplier of iPhone modems. Apple and Intel are scheduled to report financial results in the coming days.