Intel announced on Tuesday that it has increased its previously announced common stock offering to $20 billion, with an offer price of $95 per share.
The chipmaker initially revealed a $15 billion stock offering on Monday to meet the soaring demand for artificial intelligence computing power. Following the announcement, Intel’s shares dropped 4%.
The company stated that the offering, which is scheduled to close on August 12, is expected to generate net proceeds of approximately $19.7 billion after underwriting discounts, commissions, and estimated expenses.
Intel indicated that the funds will be used for “general corporate purposes,” including but not limited to capital expenditures and working capital needs.
Source (CNBC)
