Chipmaker Intel cuts dividend to lowest since 2007 to save cash

FILE PHOTO: Intel logo is seen behind LED lights in this illustration taken January 5, 2018. REUTERS/Dado Ruvic/Illutration/File Photo/File Photo

(Reuters) -Intel Corp on Wednesday cut its dividend payout to its lowest in 16 years and decided to scale back big investments to save cash amid slowing demand for its chips used in personal computers and data centers.

Once a leading chipmaker, Intel is now racing to catch up with rivals such as Taiwan Semiconductor Manufacturing Company Ltd on manufacturing technology, while looking to grow its foundry business at the cost of lower margins.