The prominent asset management firm, Apollo Global is willing to make an “equity-like” investment of up to $5 billion in Intel.
With Intel’s market capitalization recently falling below that of Starbucks, the beleaguered chipmaker is now attracting phenomenal interest from bargain hunters, premised on the belief that the US government will not allow such a strategically important entity to go bust. As an illustration of this evolving phenomenon, consider that Intel has reportedly tapped $8.5 billion in new funding just over the past couple of days.
As we noted on the 16th of September, Intel has now officially received the authorization for $3.5 billion in direct funding under the Secure Enclave program of the Department of Defense, which aims to incentivize the manufacturing of advanced semiconductors for strategic defense needs. This is in addition to the $8.5 billion in grants and $11 billion in loans that Intel is slated to receive under the CHIPS Act.
* APOLLO IS SAID TO OFFER MULTIBILLION-DOLLAR INVESTMENT IN INTEL@business @JohnSpall247 $INTC pic.twitter.com/Jh2GnvsOFY
Carl Quintanilla (@carlquintanilla) September 22, 2024
* APOLLO IS SAID TO OFFER MULTIBILLION-DOLLAR INVESTMENT IN INTEL@business @JohnSpall247 $INTC pic.twitter.com/Jh2GnvsOFY
— Carl Quintanilla (@carlquintanilla) September 22, 2024
Well, barely a week later, Bloomberg is now out with the scoop that the prominent asset management firm, Apollo Global, which manages assets worth nearly $350 billion, is willing to make an “equity-like” investment of up to $5 billion in Intel in what constitutes a phenomenal vote of confidence in the chipmaker’s recently announced turnaround strategy.
