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Intel and TSMC have agreed to form a joint venture to operate Intel's factory in the US, according to a report by The Information. Through this collaboration, a new company will be established with TSMC owning a 20% stake.
Previously, reports emerged that TSMC was among the companies interested in buying Intel's manufacturing plant. With Intel facing financial issues due to the failure of its artificial intelligence (AI) chips and fierce competition from other chip manufacturers, the sale of assets is seen as an effort to turn the company's fortunes around.
Intel's new CEO Lip Bu Tan has also said that the company will focus on its core business only from now on, with unrelated businesses being spun off. In addition, he wants to restore the company's engineering culture that made it the world's largest chip manufacturer once.