Intel shareholders are finally getting used to good news again. The financial giant Apollo Global Management appears poised to offer an equity-like investment of as much as $5 billion in the distressed U.S. chipmaker, according to a report from Bloomberg on Sunday. The move would be a major vote of confidence in the recovery effort led by Intel CEO Pat Gelsinger, which has till now brought only worsening earnings reports and a plunging stock price.
Intel has shed over $100 billion in market cap this year with shares falling over 50% as one of Silicon Valley’s original powerhouses struggles to remake itself. The stock surged 5% in premarket trading Monday on the Apollo news and remains up roughly 1.5% from Friday’s close, however, building off last week’s gains.
