Intel Corporation (NASDAQ:INTC) shares gained more than 2% pre-market today after the company announced its intention to spin off its programmable solutions unit into an independent business starting in January next year.

This strategic move is aimed at enabling the PSG (Programmable Solutions Group) business to accelerate its growth and enhance its competitiveness in the FPGA (Field-Programmable Gate Array) industry, serving various markets with pre-fabricated chips. As part of this transition, Sandra Rivera, an executive vice president at Intel, will become the CEO of PSG.