Intel Gains on Report of Joint Venture Deal With TSMC
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Intel Corp. shares gained on a report that the company tentatively agreed to a Taiwan Semiconductor Manufacturing Co. joint venture, a sign the beleaguered US chipmaker is moving ahead with a plan that’s been highly anticipated by investors.
The shares climbed more than 2% on Thursday after the Information website reported the news, erasing a decline of more than 5% earlier in the session. The stock had been up about 10% this year through Wednesday, fueled in part by hopes that Intel would pursue such a move.