Intel Corp - INTC STOCK NEWS

Intel has announced its executives' participation in upcoming investor events. CEO Pat Gelsinger will discuss Intel's business and corporate strategy at Deutsche Bank's 2024 Technology Conference on August 29 at 8 a.m. PDT. CFO David Zinsner will address Intel's business and financial strategy at the Citi Global Technology Conference on September 4 at 11:10 a.m. PDT.

Both events will be accessible via live webcasts and replays on Intel's Investor Relations website at intc.com. The company notes that participation, speakers, and schedules are subject to change.

Mobileye Global Inc. (Nasdaq: MBLY) has announced its participation in three major investor conferences in the third quarter of 2024. These include the Canaccord Genuity 44th Annual Growth Conference (August 13-15), the Goldman Sachs Communacopia + Technology Conference (September 9-12), and the Evercore ISI ADAS, AV & AI Forum (September 24).

Mobileye plans to webcast its 'fireside chats' when possible. The company is confirmed to speak at the Canaccord Genuity conference on Wednesday, August 14, at 11:30am ET. A replay will be available for 90 days. Presentation times and webcast links for subsequent events will be posted later. For the most current information on Mobileye's investor conference appearances, visit the 'Events & Presentation' section of their investor relations site at https://ir.mobileye.com/.

Intel (INTC) reported disappointing Q2 2024 results with revenue of $12.8 billion, down 1% YoY. The company announced a $10 billion cost reduction plan, including a 15% headcount reduction and suspension of dividends starting Q4 2024. Key highlights:

- Q2 GAAP EPS: $(0.38); non-GAAP EPS: $0.02
- Q3 2024 forecast: Revenue $12.5-13.5 billion; GAAP EPS $(0.24); non-GAAP EPS $(0.03)
- Reducing non-GAAP R&D and MG&A to ~$20 billion in 2024 and ~$17.5 billion in 2025
- Cutting 2024 gross capital expenditures by over 20% to $25-27 billion
- Achieved milestones on Intel 18A with 1.0 PDK release and key power-on of first products

Intel aims to improve profitability and strengthen its balance sheet while investing in technology leadership.

Zeekr and Mobileye have announced plans to accelerate technology collaboration in China and expand globally. The partnership aims to integrate Mobileye technologies into next-generation Zeekr models and enhance driving safety and automation. Key points include:

1. Over 240,000 Zeekr vehicles with Mobileye SuperVision™ platform delivered since 2021.
2. Accelerating scaling and delivery of core technologies for SuperVision platform.
3. Expanding collaboration to include next-generation products from Level 2+ to Level 4 automation.
4. Zeekr to expand SuperVision platform installation on additional vehicles.
5. Highway Navigation Zeekr Pilot (NZP) active in over 150 cities across China.

This collaboration aims to strengthen Mobileye's localization efforts in China while making advanced technologies available to other customers in the region.

Mobileye Global Inc. (MBLY) released Q2 2024 results, showing a 3% year-over-year revenue decrease to $439 million. However, revenue increased 84% from Q1 2024 due to reduced excess inventory consumption. The company reported a 110% increase in systems shipped compared to Q1 2024, leading to improved Operating Loss and Adjusted Operating Profit. Diluted EPS (GAAP) was $(0.11), while Adjusted Diluted EPS (Non-GAAP) was $0.09. Mobileye reduced expectations for H2 2024 volume and revenue, primarily due to China-related macro factors. The company remains optimistic about medium-term growth, citing progress in SuperVision/Chauffeur programs and an expanded relationship with Zeekr and Geely Group. Mobileye also noted emerging traction for high-ASP products in mid-priced, high-volume segments.

Intel has appointed Dr. Naga Chandrasekaran as chief global operations officer, executive vice president and general manager of Intel Foundry Manufacturing and Supply Chain organization. He succeeds Keyvan Esfarjani, who is retiring after nearly 30 years with the company. Chandrasekaran, joining from Micron where he was senior vice president for Technology Development, will be responsible for Intel Foundry's worldwide manufacturing operations, including Fab Sort Manufacturing, Assembly Test Manufacturing, strategic planning, corporate quality assurance, and supply chain.

Chandrasekaran brings over 20 years of experience in semiconductor manufacturing and R&D from Micron. He will work closely with other Intel Foundry leaders to achieve Intel's goal of creating the first systems foundry for the AI era. This appointment is part of Intel's strategy to build a globally resilient semiconductor supply chain and capitalize on long-term growth opportunities in the AI-driven computing market.

Intel has announced exciting collaborations demonstrating its commitment to making AI accessible and fostering innovation. Key highlights include:

1. Partnership with the International Olympic Committee (IOC) to develop Athlete365, a chatbot powered by Intel Gaudi accelerators and Xeon processors, to assist athletes during the Olympic Games in Paris.

2. Introduction of an industry-driven generative AI (GenAI) retrieval-augmented generation (RAG) solution, designed to tackle challenges in deploying GenAI solutions.

3. Collaboration with industry partners to create an open-source, interoperable solution for easy RAG deployment, built on the Open Platform for Enterprise AI (OPEA) foundation.

4. Joining the Coalition for Secure AI (CoSAI) to enhance trust and security in AI development and deployment.

Intel has launched its first U.S. registered apprenticeship program for manufacturing facility technicians in Arizona. The program, developed in collaboration with various organizations, aims to train facility technician apprentices over the next five years. Apprentices will be full-time Intel employees from day one, earning a certificate and college credit upon completion of the one-year program.

This initiative addresses the growing demand for skilled semiconductor technicians, as the industry is expected to add nearly 115,000 jobs by 2030, with 58% at risk of remaining unfilled. The program combines classroom instruction and on-the-job training, focusing on core competencies such as mechanical systems, electronics, chemical handling, and critical thinking skills.

Mobileye Global, a company specializing in advanced driver-assistance systems, announced it will release its financial results for Q2 2024 on August 1, 2024, before the market opens. Following the release, a conference call will be held at 8:00am ET to discuss the results and provide a business update. The call will be led by CEO Professor Amnon Shashua, CFO Moran Shemesh Rojansky, EVP of Business Development and Strategy Nimrod Nehushtan, and CCO Dan Galves. The event will be webcast live on Mobileye’s investor relations website, with a replay available shortly after.