Shares of Intel Corporation (INTC) fell nearly 4% in premarket trading following news that the company's Terafab production project is facing increased competition. The decline was triggered by a confirmation from Elon Musk that he is involved in preliminary discussions with Taiwan Semiconductor Manufacturing Company (TSMC) regarding the Terafab venture.
The Terafab project is a proposed initiative aimed at increasing the supply of advanced chips. According to the report, the involvement of TSMC, a leading global foundry, may limit the number of other physical semiconductor producers that can participate in the project. The filing notes that Intel stock dropped significantly in the premarket session as this information was released.
The stock is currently trading on the NASDAQ exchange. Intel's market capitalization is reported to be $618.05 billion. The company operates in the Information Technology sector and the Semiconductors & Semiconductor Equipment industry.
