What's Going On With Intel Stock Tuesday

Intel Corp INTC stock is up Tuesday in sympathy with Nvidia Corp's NVDA AI-driven rally.
Over the past decade, Nvidia beat Intel to become America's most valuable semiconductor company. Advanced Micro Devices, Inc AMD stole market share while Intel struggled with repeated delays in launching new chips.
Interestingly, Intel CEO Pat Gelsinger flagged severe issues regarding leadership, people, methodology, and more for the chipmaker's fall from the leading chipmaker position.
Gelsinger found that the chipmaker failed to pick up many businesses making chips designed by other people leading to its market share loss to rivals.
Gelsinger looks to invest hundreds of billions of dollars into new factories to make semiconductors for other companies alongside Intel's chips, the Wall Street Journal reports.
Mobile-phone chip firm Qualcomm Inc QCOM and carmaker Tesla Inc TSLA bowed out of deals with Intel after it failed to deliver.
Taiwan Semiconductor Manufacturing Company Ltd TSM and Samsung Electronics Co, Ltd SSNLF surpassed Intel in the high-stakes race to make chips with the smallest, fastest transistors.
The global chip market will likely surpass $1 trillion by the decade's end.
Gelsinger's turnaround plan included vastly expanding Intel's factories and creating a foundry business to boost orders. However, the glut in the chip market during the pandemic recovery hampered his plans.
Therefore, he eased the installation of multimillion-dollar chip-making equipment in new factories to match chip demand.
Gelsinger has said the foundry business has landed over $4 billion of potential business. However, it has yet to land a deal with Apple Inc AAPL, Nvidia, and Qualcomm.
Price Action: INTC shares traded higher by 3.17% at $29.92 on the last check Tuesday.
Photo via Wikimedia Commons

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