Intel and Tower Semiconductors mutually terminated the $5.4bn merger.

Intel, a computer components and related products, and Tower Semiconductors, an Israeli company that manufactures integrated circuits using specialty process technologies, mutually terminated the $5.4bn merger. "Tower was very excited to join Intel to enable Pat Gelsinger’s vision for Intel’s foundry business. We appreciate the efforts by all parties. During the past 18 months, we’ve made significant technological, operational, and business advancements. We are well positioned to continue to drive our strategic priorities and short-, mid- and long-term tactics with a continued focus on top and bottom-line growth," Russell Ellwanger, Tower Semiconductor CEO.