Intel CEO Buys Shares as Company Raises $20 Billion for AI Expansion
Intel CEO Lip-Bu Tan purchased over 105,000 shares of Intel stock at $95 each on August 11, spending approximately $10 million. This insider buy comes amid a broader capital raise by the chipmaker, which sold nearly 210.5 million shares to secure about $20 billion in fresh equity—up from an initial target of $15 billion—to fund its AI and manufacturing expansion. Intel's stock has surged over 162% this year but recently pulled back after hitting a June high, closing at $96.69 on August 18. The company is using the new capital to support increased spending in areas like next-generation chip production (14A process) and its foundry business, which aims to compete with TSMC. Recent financial results showed strong AI-driven demand: Data Center revenue rose by nearly 60%, while overall Q2 earnings exceeded expectations. However, the Foundry segment still posted a $2.1 billion operating loss in Q2.
Topics: AI ambitions capital raising foundry business stock purchase