Intel soars after buying back stake in Irish manufacturing facility

Intel is spending $14.2 billion to take back full ownership of a manufacturing facility in Ireland, the company announced on Wednesday.

“The agreement reflects Intel’s continued business momentum underpinned by the growing and essential role CPUs play in the era of AI,” according to the company’s press release.

Shares are soaring, up around 6% in early trading.

Investors appear to be viewing this measure as a concrete sign that Intel’s turnaround plan is entering a new phase — growth mode, powered by AI — after years of sluggish sales forced a focus on cost controls.

The chipmaker had previously sold a 49% stake in this fab for $11.2 billion to Apollo Global Management in order to raise cash for other investment opportunities, including its 18A manufacturing process in the US.

Intel intends to fund the transaction through available cash and an additional $6.5 billion in debt.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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