Prime Allied Limited - Intel's Spinoff Is a Sign that the Chipmaker Demands Cash

CENTRAL, Hong Kong - Nov. 9, 2023 - PRLog -- Intel, located in Santa Clara, Calif., stated late Tuesday that it plans to run its Programmable Solutions Group, or PSG, as a separate business beginning January 1.

According to Intel, the move will allow PSG to compete more successfully in the market for field-programmable gate arrays (FPGAs), which are processors that can be tailored to meet the demands of the technology for which they are employed.

The data center, communications, industrial, automotive, aerospace, and defense industries are all served by the FPGA market.

According to Intel, the split will allow PSG autonomy and flexibility to drive its expansion. PSG will also be able to seek private and public equity investments as a result of the shift. PSG is expected to go public in the next two to three years, according to Intel.

Today in the stock market, Intel stock rose 0.7% to close at 35.93.

"Our intention to establish PSG as a standalone business and pursue an IPO is yet another example of how we are consistently unlocking more value for our stakeholders," Intel CEO Pat Gelsinger said in a statement.

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