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Intel CEO Pat Gelsinger said the company is talking to 100 potential customers for its Intel Foundry Services (IFS), where the company uses its factories to make chips for others.

He said the company will have more to say about IFS customers on Monday. Gelsinger joined as CEO earlier this year and pledged to get Intel to regain its leadership in manufacturing. On top of that, he said Intel would invest in its foundry business, where it serves as a contract manufacturer for companies that design their own chips.

Intel is rumored to be talking to GlobalFoundries about acquiring the foundry company for $30 billion. Gelsinger declined to comment on that.

“At this say we would not say that M&A is critical, but nor would we rule it out,” he said.

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Pat Gelsinger is CEO of Intel

Above: Pat Gelsinger is CEO of Intel.

Image Credit: Intel

Gelsinger made the comments as part of the company’s second quarter earnings call with analysts. Intel reported Q2 earnings and revenues above expectations, and it raised its estimates for 2021 revenues and profits. Just about all chip companies are expanding now to meet that demand, and Intel recently said it would spend $20 billion on new manufacturing in Arizona.

Gelsinger said it was the most exciting time to be in the semiconductor industry, as demand is at record levels. He said Intel has shipped more than 50 million Tiger Lake processors, and it is ramping its Ice Lake chips and is finishing the design of its Meteor Lake chips.

“While there is more work ahead, we are moving at a torrid pace,” Gelsinger said.

On Monday, he said Intel will talk about its plans to regain leadership in processor design from rival Advanced Micro Devices. Intel expects capital spending to be $19 billion to $20 billion this year. It is exiting its Apple and home gateway business. Intel, meanwhile, needs more manufacturing capacity for its own chips.

“The world needs more semiconductors,” Gelsinger said. “The world needs a more balanced semiconductor supply chain.”

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