$INTC (+2.8%) : Intel's CEO, Pat Gelsinger, has secured Amazon Web Services (AWS) as a customer for Intel's chip manufacturing business. This partnership involves co-investing in a custom semiconductor for artificial intelligence, known as a fabric chip, using Intel's advanced 18A process technology. This collaboration is part of a multi-year, multi-billion-dollar framework aimed at enhancing AI computing capabilities.

This agreement with $AMZN (+1.23%) AWS is significant for Intel as it seeks to transform into a foundry, producing chips for external customers. AWS, the largest cloud computing provider, represents a high-profile client that could help Intel compete with industry leaders like Taiwan Semiconductor Manufacturing Co..

In addition to this partnership, Intel is restructuring its operations to improve efficiency amid financial challenges. The company plans to cut 15,000 jobs and save $10 billion in costs while pausing new factory projects in Germany and Poland. However, Intel remains committed to expanding its U.S. operations in states like Ohio and Arizona.

Moreover, Intel announced it could receive up to $3 billion in U.S. government funding to produce military chips, further supporting its turnaround efforts.

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