In August, shares suffered their worst one-day drop on the stock market in 50 years after the company announced disappointing quarterly results. Intel also said it would axe 15% of its employees. That's made the company a potential takeover target as of late, while also leading to the firing of CEO Pat Gelsinger in December.
Intel was a central beneficiary of former President Joe Biden's CHIPS and Science Act office. The government most recently awarded the company a roughly $8 billion grant in November in an effort to boost semiconductor production on U.S. soil.