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Market Chatter: Intel CEO Sought US Approval for Stock Sale

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Intel (INTC) Chief Executive Lip-Bu Tan sought approval from US Commerce Secretary Howard Lutnick ahead of the company's planned stock sale, Semafor reported Tuesday, citing people familiar with the matter.

The government decided not to participate in the sale, but Lutnick approved of the idea, the sources reportedly said.

The sale, initially announced at $15 billion, has since been upsized to $20 billion and will fund artificial intelligence projects including Intel's delayed Ohio chip factory, Semafor said, citing the sources.

Intel has found an anchor investor to backstop the secondary sale, according to the report.

Intel did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $97.34, Change: $-0.19, Percent Change: -0.19%

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