By Tae Kim
Broadcom CEO Hock Tan said he is not interested in pursuing a mergers and acquisitions deal for a unit of Intel.
Late Thursday, when asked on the chip maker's earnings conference call about recent reports Broadcom was looking at acquired the products unit of Intel, the executive demurred.
"No, I'm too busy. We're too busy doing AI and VMware at this point. We're not thinking of it at this point," he replied.
Intel shares fell 2.4% to $20.25 on Friday, while Broadcom stock jumped 3.1% to $185.06 after the chip maker reported strong earnings.
Intel stock has been on a roller coaster over the past month, initially rallying nearly 40% in mid-February after Vice President JD Vance speech that pledged more support for domestic chip manufacturing. That was on top of media reports that Taiwan Semiconductor Manufacturing was considering taking a stake in Intel's chip factories, while Broadcom was looking at buying Intel's product business.
Intel shares gave back nearly all of those gains after no additional details materialized.
The government may have decided to focus on another chip manufacturer with a better track record.
Earlier this week, TSMC CEO C.C. Wei announced at the White House with President Donald Trump that the company plans to increase U.S. investment by $100 billion to construct three new chip factories, two advanced chip-packaging facilities, and a research and development center.
Write to Tae Kim at tae.kim@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 07, 2025 11:53 ET (16:53 GMT)
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