Intel raises funds for AI chip growth
Intel announced a $15 billion underwritten public offering of common stock to capitalize on its surging share price driven by AI computing hardware demand.
The company’s data center unit posted 59% revenue growth in the most recent quarter.
Intel stock has nearly tripled this year, reaching $101.65, with the new offering likely to cause investor concern about dilution.
Underwriters have an option to acquire up to $2.25 billion in additional shares at the offering price after discounts.