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- Intel Corporation’s job cut may help increase their savings.
- INTC stock had a rough path throughout the year.
- Currently, INTC stock was trading at the market value of $28.48.
Intel Focusing on Savings
Intel Corporation (NASDAQ:INTC) has become one of the biggest tech giants in the industry following their shared dominance with Samsung. Like several organizations, the company was struggling amid the worsening global economic aspects. INTC stock has seen a constant downtrend throughout the year, and recent announcement in cost cuts may fluctuate the share value upon initiation.
According to a Bloomberg report, the company is planning to cut costs following the question to struggle in the middle of decreasing computer demand. The company believes that employment cuts and slow spending on new plants may help the company to increase savings by up to $3 Billion by the next year, and $10 Billion by 2025.
Intel is currently betting on semiconductors to snatch the dominance back in the $580 Billion industry. In February 2022, the company announced that they are taking over Tower Semiconductors at $53 per share, equating the total acquisition worth to $54 Billion. Both the organizations are struggling to finalize the deal but have met with regulatory hurdles throughout the year.
Intel Corporation is currently focusing on becoming the second largest foundry internationally by 2030. Samsung holds the crown for the biggest foundry on the globe at present. The company says that if they successfully take over Tower Semiconductors, then they will successfully add $1.5 Billion in revenue to their Intel Foundry Services (IFS) division.
INTC Stock Price Analysis
INTC stock price started shining during the beginning of the year after Intel announced the takeover, but it proved to be a momentary glow. Share price rose to over $50 by the end of March 2022, and slowly lost the grip to reach $40 levels in May. It started to show some signs of recovery and stayed above $36 levels between August and September as Q2 2022 earnings were revealed.
Greatest fall started after the quarterly earnings report revelation, and did not stop until mid-October. INTC stock saw its lowest point during the period and traded between $24 and $26 levels. The shares started some struggle on a road to recovery to gain over 7% in the stock price and maintain a support level of $24.
At the publication time, INTC stock was exchanging hands at $28.48. The analysts have rated INTC stocks a strong hold in the last 3 months. This points towards the deal to acquire Tower Semiconductors as the agreement offers a full year to both the organizations to seal the deal.
According to the analysts, if Intel Corporation pays for what they agreed for, then the Tower Semiconductor (NASDAQ:TOW) investors may witness a massive surge in TOW stocks.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
