TSEM Stock Recent News

MIGDAL HAEMEK, Israel, Dec. 11, 2023 (GLOBE NEWSWIRE) – Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, today announced that its President, Dr. Marco Racanelli, will present at the 26th Annual Needham Growth Conference.

Tower Semiconductor Ltd. NASDAQ: TSEM is a well-positioned player in the global semiconductor market.

Israeli semiconductor firm Tower Semiconductor is expecting a downturn in quarterly revenue, citing challenges within the chip industry as companies grapple with a supply glut, leading to corrective measures in inventory management. The company, which specializes in manufacturing analog and mixed-signal semiconductors primarily used in automotive applications, is forecasting revenue of $350 million for its fourth quarter, indicating a decline of over 13% from the same period a year ago.

Weak industry conditions, a failure to close the merger, and geopolitical tensions have all weighed on Tower Semiconductor's prospects this year. TSEM is not sitting on its hands from the failed deal and has moved on to sign a new collaboration with Intel, which makes a lot of sense to us. There are signs that the worst is over, and TSEM could deliver solid operating leverage next year.

MIGDAL HAEMEK, Israel – October 23, 2023 – Tower Semiconductor (NASDAQ/ TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, will issue its third quarter 2023 earnings release on Monday, November 13, 2023. The Company will hold a conference call to discuss its third quarter 2023 financial results and fourth quarter 2023 guidance on Monday, November 13, 2023, at 10:00 a.m. Eastern Time (09:00 a.m. Central, 08:00 a.m. Mountain, 07:00 a.m. Pacific and 05:00 p.m. Israel time).

Tower Semiconductor and Intel recently announced a new manufacturing partnership. Tower could get access to more affordable manufacturing expansion via Intel, and Intel could get much-needed cash.

Intel's attempted acquisition of Tower Semiconductor failed when China rejected the deal. Now Intel has partnered with Tower to provide specialty foundry U.S. manufacturing capacity and foundry services.

Intel Corp. INTC, +4.18% has struck an agreement with Tower Semiconductor TSEM, +0.86% through which Intel will provide foundry services and 300-millimeter manufacturing capacity, the companies said Tuesday. Tower plans to invest up to $300 million to acquire and own equipment and other assets that will be installed in Intel's New Mexico manufacturing facility.

After the deadline to get China's approval passed, Intel and Tower called off their acquisition. It's likely a negative for both parties.

Intel agreed to acquire Tower Semiconductor in early 2022, but the deal has been terminated. This is a setback for Intel, but the company is still on track to become a major force in the foundry business.