\"Intel Logo\" by JiahuiH is licensed under CC BY-SA 2.0
Tower Semiconductor's (TSEM) stock soared late Monday on press reports that Intel (INTC) is close to acquiring the Israel-based chip manufacturer. TSEM shares increased by a staggering 50% upon announcement of the acquisition, indicating prospective relief for an industry already grappling with a global semiconductor scarcity. After the market closed on Monday, the Wall Street Journal reported that Intel is preparing a bid for Tower Semiconductor worth around $6 billion. According to the Journal, a deal might be revealed as early as this week.
