Intel rises as it says it will work with Arm on next-gen manufacturing of mobile chips
Justin Sullivan

Intel (NASDAQ:INTC) shares rose fractionally on Wednesday as the company said it would work with SoftBank (OTCPK:SFTBY) owned Arm to manufacture the next-generation of mobile chips.
In a statement, Intel said its nascent foundry division, which the company is working to turn into a full-fledged competitor to Taiwan Semiconductor (TSM), Samsung (OTCPK:SSNLF) and GlobalFoundries (GFS), would utilize Arm's technology in its factories for the latest chips for smartphones and other devices.
"Intelâs collaboration with Arm will expand the market opportunity for IFS and open up new options and approaches for any fabless company that wants to access best-in-class CPU IP and the power of an open system foundry with leading-edge process technology," Intel (INTC) CEO Pat Gelsinger said in the release.
Rene Haas, CEO of Arm, echoed those sentiments. "As the demands for compute and efficiency become increasingly complex, our industry must innovate on many new levels," Haas added in the statement. 
"Armâs collaboration with Intel enables IFS as a critical foundry partner for our customers as we deliver the next generation of world-changing products built on Arm."
SoftBank (OTCPK:SFTBY) is preparing Arm to re-list on the Nasdaq via initial public offering later this year.
Separately on Wednesday, Intel's (INTC) Gelsinger met with China's Vice President Han Zheng, who said the semiconductor giant should maintain its position in China to keep the stability of the global supply chain in place.
On Tuesday, Gelsinger met with China's Minister of Commerce Wang Wentao, with the discussion also centering on the security and the stability of chip supply.