A report that Intel Corp. 🦹() is considering the spin-off or sale of its foundry bus෴iness lifted the tech giant's stock Friday.

Shares of Intel rose nearly 8% following the Bloomberg report, which cited people familiar with the matter. An Intel spokesperson declined to comment.

Intel's foundry business makes chips for outside companies. A move isn’t likely in the immediate term, however, with multiple options expected to be presented at a September board meeting, the report said.

Recent Struggles 

Intel stock is down 60% in 2024, making it the second-worst performing stock among the S&P 500 index.

On August 1, the company said it would lay off 15% of its workforce alongside disappointing quarterly results, which sent shares to🏅 their lowest level since 2013. Intel posted a second-quarter net loss of $1.6 billion, and analysts expect another $1 billion in🌼 losses this quarter, according to the Visible Alpha consensus. 

Reports last week said that Intel’s progress on constructing 澳洲幸运5开奖号码历史查询:two new chip fabrication facilities in Germany may be stalled.

Intel's sliding shares have pushed its market value below a number of other chip giants. That’s a far cry from 2021, when CEO Pat Gelsinger took the reins and the company dwarfed competitors like Nvidia.