Intel $15B stock offering for AI expansion

Intel announced a $15 billion underwritten public offering of common stock to fund its expansion in AI computing and advanced manufacturing. The offering includes a 30-day option for underwriters to purchase up to an additional $2.25 billion in shares, potentially raising total proceeds to $17.25 billion. Proceeds will be used for general corporate purposes, including capital expenditures and working capital, as Intel seeks to meet surging demand for AI processors and strengthen its foundry business. The company highlighted growth opportunities in physical AI, purpose-built silicon, and advanced packaging. Intel's stock has nearly tripled this year, but shares fell about 4-5% in premarket trading on dilution concerns. The offering follows strong quarterly results, with data center revenue up 59%, and Intel raised its capital spending target to $20 billion for the year. Underwriters include JPMorgan Securities, Goldman Sachs, Morgan Stanley, and Citigroup Global Markets. Intel is also expanding manufacturing capacity in Ireland and has secured Tesla as a customer for its 14A process. The U.S. government holds a 10% equity stake in Intel.