1331 ET -- Intel is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Wall Street analysts say Intel's plan to separate its programmable chip business into a standalone company signals the chipmaker needs cash to fund its revitalization initiative. Intel stock rose on Wednesday. Intel said Tuesday it intends to operate its Programmable Solutions Group as a standalone business starting Jan. 1. The move will allow PSG to more effectively compete in the market for field-programmable gate arrays, processors that can be customized to suit the needs of the technology for which it is being used. The separation will give PSG autonomy and flexibility to accelerate its growth, Intel said. The move also will allow PSG to seek private and public equity investments. Intel intends to conduct an initial public offering for PSG. Dow Jones & Co. owns Factiva. (matthew.walker@dowjones.com)

 

(END) Dow Jones Newswires

October 04, 2023 13:58 ET (17:58 GMT)

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