Intel CEO Lip-Bu Tan Buys $12 Million in $20 Billion Share Sale

3 articles · Updated · CNBC · Aug 11

$12 million of Intel's newly issued stock was bought by CEO Lip-Bu Tan and a family member, according to a prospectus supplement filed Wednesday.
The disclosure came a day after Intel expanded the offering to $20 billion from $15 billion and priced it at $95 a share to help fund heavy AI and foundry spending.
Intel shares rose 4.5% to $102 after the filing, extending a rebound from Monday's 4% drop when the fundraising plan was first announced.
UBS called the raise a strong endorsement of Intel's foundry roadmap, though it cut its price target to $112 from $121 over weaker confidence in the company's product roadmap.
The insider purchase adds to investor focus on Tan's turnaround plan, which hinges on using fresh capital to build Intel's contract chipmaking business as customers seek alternatives to TSMC.