Intel announced this week that it is laying off more than 170 people in Arizona. The tech company’s stocks have jumped about 7% since that announcement.
Intel claimed an $820 million loss in its first quarter this year. A second-quarter report is expected this month.
Late last year, the company finalized a $7.9 billion CHIPS Act funding deal, with roughly half going to its Ocotillo Campus in Chandler.
About 10,000 people work for Intel in the state.
