WSJ Reports Intel Set for $11 Billion Deal With Apollo

Intel ( INTC ) is in advanced talks for a $11 billion deal with Apollo Global Management to build a facility in Ireland. The move comes as Intel ( INTC ) plans to expand its presence across the United States with a $100-billion spending spree across four states to boost its manufacturing business and catch up with chipmaking rival TSMC. Intel and Apollo are in exclusive talks for the deal, which could be signed in the coming weeks.

Other investment firms including KKR and infrastructure investor Stonepeak were also in the running before Apollo recently pulled ahead. Intel forecasted second-quarter revenue and profit below market estimates last month due to weak demand for its traditional data center and personal computing chips. The company announced plans in 2022 to build chip factories in Ireland and France to benefit from easier European Commission funding rules and subsidies.

Technical Outlook
Intel Corp ( INTC ) stock is up 3.58% trading below the 200, 100, and 50-day Moving Averages (MA) respectively. Despite the recent development, Intel Corp stock ( INTC ) has a weak Relative Strength Index (RSI) of 32.62, poised for further growth.