Shares of Intel are surging before the opening bell after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business.

Chipmaker Intel says it is cutting 15% of its massive workforce — about 15,000 jobs — as it tries to turn its business around to compete with more successful rivals like Nvidia and AMD.

President Joe Biden is celebrating an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants around the country.

Two tech CEOs scrambling to produce more of the sophisticated chips needed for artificial intelligence have met for a brainstorming session while the market’s early leader reported another quarter of eye-popping growth.

Intel is terminating a $5.4 billion agreement to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid deteriorating US-China relations.

Intel and the German government have signed a deal that will see the U.S. company spend more than 30 billion euros ($32.8 billion) to build a chip manufacturing site in the eastern city of Magdeburg, after Germany pledged to cover a third of the investment required.

The risks to the global economy are leading to an increasingly gloomy view of the months ahead for corporate leaders, government officials and other VIPs gathered at the World Economic Forum meeting in Davos, Switzerland.

U.S. chipmaker Intel unveiled plans on Tuesday to invest up to $88 billion across Europe as part of an ambitious expansion aimed at evening out imbalances in the global semiconductor supply chain.

Intel said it is buying Israeli company Tower Semiconductor for $5.4 billion in a deal that could give the California chipmaking giant an edge in the business of making custom-designed chips.

Intel is expanding its manufacturing operation in Malaysia as chipmakers work to diversify global supply chains that were hit hard by the COVID-19 pandemic.

Samsung said it plans to build a $17 billion semiconductor factory in Texas amid a global shortage of chips used in phones, laptops, cars and other electronic devices.

FILE - In this Oct. 1, 2019, file photo the symbol for Intel appears on a screen at the Nasdaq MarketSite, in New York. (AP Photo/Richard Drew, File)BOSTON – The computer chipmaker Intel Corp. on Friday blamed an internal error for a data leak that prompted it to release a quarterly earnings report early. The company’s quarterly results were originally scheduled to be published hours later after the close of trading on Wall Street Thursday. It quoted an unnamed company spokesperson as saying Intel was notified that the graphic was circulating outside the company. Intel’s network was not compromised and we have adjusted our process to prevent this in the future.”The company's stock price closed down more than 9% Friday.

(AP Photo/Richard Drew, File)Intel is replacing its CEO after only two years in what had been a rough stretch for the chipmaker. Bob Swan, who became the company's chief executive in early 2019, will be replaced in mid-February by tech industry veteran Pat Gelsinger. Apple also dealt a blow to Intel last year when it began replacing Intel processors with Apple-designed chips on new Mac computers. He spent most of that time with Intel Corp., where he began his career and was its first chief technology officer. After a search, Intel confirmed Swan as CEO in early 2019.