05:19 AM EDT, 09/04/2024 (MT Newswires) -- (Updates with response from Intel ( INTC ) in the final paragraph.)

Intel ( INTC ) CEO Pat Gelsinger is planning to put forth a plan later this month to rid the chipmaker of various businesses and change capital spending priorities, Reuters reported Sunday, citing a source familiar with the matter.

Among the businesses potentially up for sale is the company's programmable chip unit Altera, Reuters reported. The plan may also include reductions in capital spending that may mean halting or scrapping plans to build a $32 billion factory in Germany, the report said.

Gelsinger and other executives are reportedly expected to present the plan to company directors at a mid-September board meeting.

Intel ( INTC ) declined to comment on the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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