Key Takeaways Intel shares surged in extended trading Monday after CEO Pat Gelsinger offered an update on the company’s turnaround plans. Gelsinger said Intel has made progress in lowering costs through layoffs,

That hasn’t been the case much recently, as Intel’s stock has struggled this year. It’s down 60% so far in 2024, ranking as one of the worst performers in the S&P 500 over that span, while the PHLX Semiconductor Index is ahead 17%.

Intel said it's turning its foundry business into an independent unit with its own board and the potential to raise outside capital.

Investors hoping that support from the U.S. government will power Intel's turnaround got some good news recently.