Intel plans to spinoff its Programmable Solutions Group (PSG). The new standalone business will be pursued via an initial public offering. Intel CEO Pat Gelsinger said that the spinoff will potentially unlock "more value for our stakeholders" by helping "Intel product teams focus on our core business and long-term strategy."
The restructuring will allow PSG to be more competitive in the field-programable gate array chips market. Intel is aiming for PSG to be stand-alone by 1 January next year, although the IPO will be over the next 2-3 years, and will report its financials as a separate business unit from 2024.
Intel's weekly chart has positive signs. Its candlesticks are trading above its black 30-week EMA and the EMA is turned up. The weekly RSI is above 50 (green rectangle). This is the positive side of the indicator, connoting an underlying bullish momentum. If maintained, this momentum is likely to be price supportive.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.