Intel to spin out programmable chip unit, hold IPO; shares rise 2%

FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Chipmaker Intel on Tuesday said it plans to operate its programmable chip unit as a standalone business starting in January, with plans to hold a public offering for stock in the business over the next two to three years.

Intel shares were up more than 2% after the bell.