What's Going On With Intel Stock Tuesday?

Intel Corp INTC stock is trading higher Tuesday after it agreed to provide foundry services and 300mm manufacturing capacity to help Tower Semiconductor Ltd TSEM serve its customers globally.

Tower will utilize Intel's advanced manufacturing facility in New Mexico. 

It will invest up to $300 million to acquire and own equipment and other fixed assets installed in the New Mexico facility, providing a new capacity corridor of over 600,000 photo layers per month for the Tower's future growth.

Also Read: What's Going On With Nvidia Stock Tuesday?

Intel will manufacture Tower's highly differentiated 65-nanometer power management BCD (bipolar-CMOS-DMOS) flows, among other flows, at Intel's Fab 11X in Rio Rancho, New Mexico.

Intel previously announced a $3.5 billion investment to expand operations in New Mexico and equip its Rio Rancho campus, one of its innovation hubs, to manufacture advanced semiconductor packaging.

Tower CEO Russell Ellwanger said, "This collaboration with Intel allows us to fulfill our customers' demand roadmaps, with a particular focus on advanced power management and radio frequency silicon on insulator (RF-SOI) solutions, with full process flow qualification planned in 2024. We see this as a first step towards multiple unique synergistic solutions with Intel."

In August, Tower and Intel mutually terminated its takeover pending regulatory approval.​ 

Price Action: INTC shares traded higher by 1.19% at $37.05 on the last check Tuesday.