UPDATE: Intel stock drops 6% after report of Microsoft developing its own chips
Intel Corp. shares closed down Friday following a report that Microsoft Corp. was developing in-house chips for its servers and Surface PCs. Intel (INTC) shares closed Friday down 6.3% at $47.46, while shares of Advanced Micro Devices Inc. (AMD), which also makes CPUs, closed down 1% at $95.92. Microsoft (MSFT) plans to develop a chip using Arm Holdings PLC designs for its data centers, and is exploring using another chip to power its PCs, Bloomberg reported on Friday (https://www.bloomberg.com/news/articles/2020-12-18/microsoft-msft-is-designing-its-own-chips-in-move-away-from-intel-intc). In September, Nvidia Corp. (NVDA) offered $40 billion to acquire Arm from Softbank Group Corp. Nvidia shares closed down 0.5% at $530.88. Microsoft shares finished down 0.4% at $218.59. In November, Apple Inc. (AAPL), which had been relying on Intel chips until recently, released computers using in-house designed chips (https://www.marketwatch.com/story/apple-rolls-out-new-macs-with-custom-chip-as-it-moves-away-from-intel-11605038457).
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 18, 2020 16:14 ET (21:14 GMT)
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