Intel Corp. announced plans to raise $15 billion by selling common stock, taking advantage of renewed interest in its business prospects during the artificial intelligence data center boom. The banks underwriting the deal have the option to purchase up to $2.25 billion worth of additional shares within 30 days.
The chipmaker is poised to price the offering at around $95 per share or above, which is a third more than it was targeting when the deal was announced Monday morning. This offering follows a year in which Intel’s stock price more than tripled.
Intel cited strong customer demand driven by unprecedented investment in AI compute. This comes as technology giants have shelled out trillions to support insatiable AI demand and infrastructure buildout, fueling investor optimism about data centers and advanced packaging demand.