The Intel logo is displayed outside of the Intel headquarters in Santa Clara, Calif.
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The new manufacturing push will allow Intel to produce chips for other companies at a time where the global semiconductor supply chain is a growing area of concern. Investors initially cheered the surprise move from new CEO Pat Gelsinger, and shares were up 3.7% to $65.82 in premarket trading.
But the reaction from analysts to the new business venture, called Intel Foundry Services, was mixed.