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Benzinga
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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