Intel's (INTC, Financial) stock experienced a notable increase, following reports of a preliminary agreement with Taiwan Semiconductor Manufacturing Company (TSMC) to establish a joint venture in chip manufacturing. The stock rose over 4%, recovering from an earlier decline of more than 5%.
The preliminary agreement reportedly involves Intel and TSMC executives planning to form a joint venture to operate Intel's chip manufacturing facilities. Sources familiar with the matter indicate that Intel and other U.S. chip manufacturers will hold a majority stake in this venture, which will include at least some of Intel's plants. Intel has not yet commented on these developments.
