By Ilya Tsukanov – Sputnik – 03.09.2024
US microchip giant Intel faces what’s been characterized as the most difficult moment in its 56-year history, hiring banksters to advise the company on whether to trim, slash or sell off its manufacturing business. That’s bad news for Washington, which greenlit $280 billion in funding in 2022 toward boosting domestic semiconductor manufacturing.
Intel’s stock has had a rough year-to-date, plummeting nearly 60% since January and falling off a cliff in early August as investors led by billionaire Warren Buffett began a massive selloff which led leading tech stocks to shed nearly $3 trillion in value amid a perfect storm of recession fears, concerns over rising AI-related capital expenditure, and inflation.
The shock stock drop shed more light on the difficult situation at Intel, with a flurry of reports beginning late last week citing informed sources revealingthat the company is in the “most difficult period in its 56-year history,” looking …