Intel shares surged Wednesday amid a broader rally in semiconductor and other tech stocks.

The chipmaker said it is buying back a 49% stake in a joint venture controlling its Ireland chip fabrication plant that it sold to Apollo Global Management in 2024.

Intel is leading semiconductor and other tech stocks higher Wednesday.

The chipmaker's stock was up nearly 10% recently, making it one of the biggest gainers in the S&P 500 Wednesday, amid a broader rally in semiconductor and other tech stocks. Intel (INTC) said this morning that it's buying back a 49% stake in its Fab 34 facility in Ireland for $14.2 billion that it sold to Apollo Global Management (APO) in 2024.

Intel CFO David Zinsner said the deal in 2024 "was the right structure at the right time and provided Intel with meaningful flexibility, enabling us to accelerate critical initiatives," and that Intel now has a stronger business.

The move could help boost confidence in Intel's turnaround, and its efforts to bring more of its manufacturing footprint under its own control.

Intel said it plans to fund the transaction with cash on hand and about $6.5 billion in new debt, and that it expects the deal to add to its earnings starting in 2027.

Investors could hear more about the deal from Intel executives when the chipmaker reports its first-quarter earnings after the closing bell on April 23. In January, Intel said its supply would likely be at its lowest point in the first quarter before improving later this year amid an industry shortage of some hardware components.

With Wednesday's gains, Intel shares have added nearly a third of their value since the start of the year. The stock has more than doubled over the last 12 months.

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