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Benzinga

Business

Anusuya Lahiri

Former Intel Executive Founded Chipmaker Confidentially Files For US IPO

Ampere INTC Nasdaq NYSE United States Citigroup Inc GLOBALFOUNDRIES Inc Intel Corporation Oracle Corp

Former Intel Corp (NASDAQ:INTC) President founded chipmaker Ampere Computing has confidentially filed for a U.S. initial public offering, Reuters reports.
Founder Renee James, who serves as Ampere's CEO, also is a board member of Citigroup Inc (NYSE:C) and Oracle Corp (NYSE:ORCL).
Chip demand surged during the pandemic with the shift to remote work with GLOBALFOUNDRIES Inc (NASDAQ:GFS) making its public debut.
However, saturated investor demand and high volatility due to unfavorable macroeconomic conditions have led companies to postpone their IPOs or mergers with blank-check companies.
Price Action: INTC shares closed lower by 0.96% at $46.57 on Monday.

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