Intel Corp - INTC STOCK NEWS

Volkswagen Group has awarded Mobileye (Nasdaq: MBLY) the prestigious Volkswagen Group Award for Digitalization for 2024. This accolade was presented during a special event in Wolfsburg on July 2. The award recognizes Mobileye's contributions to innovative digital solutions, with a focus on enhancing Volkswagen's product portfolio and customer experience. The recognition underscores a long-standing partnership between Mobileye and Volkswagen, highlighted by the integration of Mobileye's advanced driver-assistance and autonomous driving technologies across multiple continents. Mobileye's technologies, including REM™ crowdsourced mapping and True Redundancy™ sensing, have been adopted in approximately 170 million vehicles worldwide. The award signifies Mobileye's continued influence in intelligent driving and road safety.

Intel has announced a breakthrough in integrated photonics technology by demonstrating the first-ever fully integrated optical compute interconnect (OCI) chiplet at OFC 2024. The OCI chiplet, co-packaged with an Intel CPU, significantly enhances high-bandwidth data transmission, important for AI infrastructure and high-performance computing (HPC). It supports 64 channels of 32 Gbps data transmission on up to 100 meters of fiber optics, addressing AI's growing demands for higher bandwidth, lower power consumption, and longer reach. Leveraging Intel's silicon photonics technology, the chiplet integrates with CPUs, GPUs, IPUs, and other SoCs, offering superior energy efficiency at 5 pico-Joules per bit. This innovation is expected to revolutionize AI infrastructure by enabling future scalability of CPU/GPU cluster connectivity, coherent memory expansion, and resource disaggregation.

Mobileye Global (Nasdaq: MBLY) announced the appointment of Elaine L. Chao to its Board of Directors as an independent director, effective June 7, 2024. Chao, a former U.S. Secretary of Transportation and Labor, brings extensive experience in technology, transportation, and business transformation. Her background includes roles in public, private, and nonprofit sectors, with two Cabinet positions confirmed by the U.S. Senate. She has served on several public company boards and holds degrees from Harvard and Mount Holyoke. Mobileye's CEO, Prof. Amnon Shashua, expressed confidence in Chao's positive impact on the company's mission to advance road safety through technology.

Mobileye, a leader in autonomous driving and driver-assistance technologies, has equipped about 170 million vehicles globally. The company, an independent entity from Intel since 2022, focuses on AI, computer vision, mapping, and integrated hardware/software, offering solutions from ADAS to autonomous vehicles.

Bronstein, Gewirtz & Grossman, a nationally recognized law firm, announced a class action lawsuit against Intel (NASDAQ: INTC) and certain officers, alleging violations of federal securities laws. The lawsuit covers investors who acquired Intel securities between January 25, 2024, and April 25, 2024. The lawsuit claims Intel made false and misleading statements about its Foundry model's financial performance. On April 2, 2024, Intel disclosed a $7 billion operating loss in the Foundry segment for 2023, leading to an 8.2% drop in stock price. Further, Q1 2024 results showed a 10% revenue decline in the Foundry segment, causing another 9.2% stock drop. Investors have until July 2, 2024, to join the lawsuit.

Intel and Apollo have entered into a $11 billion joint venture for Intel's Fab 34 in Ireland. Apollo will acquire a 49% equity stake, while Intel retains 51% control. This is Intel's second SCIP arrangement, enhancing financial flexibility and supporting global manufacturing strategy. Fab 34, a state-of-the-art facility, began manufacturing processors in September 2023. The deal, expected to close by Q2 2024, allows Intel to redeploy capital and maintain its credit rating. Intel will continue to manage Fab 34 and fulfill wafer production commitments for itself and foundry customers.

At Computex 2024, Intel unveiled advancements in AI technology, including the Intel Xeon 6 processors and Intel Gaudi AI accelerators. The Xeon 6 processors, equipped with Efficient-cores (E-cores), offer enhanced performance and power efficiency, enabling 3:1 rack consolidation and performance gains of up to 4.2 times. The Gaudi AI accelerators provide high performance at lower costs, with Gaudi 2 and Gaudi 3 kits priced at $65,000 and $125,000, respectively. Additionally, the Lunar Lake architecture aims to revolutionize AI PCs with up to 40% lower system-on-chip power and 3 times the AI compute capacity. Intel's innovations span the data center, cloud, edge, and PC markets, emphasizing cost-effectiveness and performance.

Mobileye Global (Nasdaq: MBLY) has announced its participation in two significant conferences: the UBS Auto and Auto Tech Conference on June 5, 2024, and Deutsche Bank's Global Auto Industry Conference on June 11, 2024.

The company will webcast its “fireside chat” at the Deutsche Bank event, scheduled for 1:55 PM ET. Interested parties can register for the webcast and access the replay on Mobileye's investor relations site. Replays will be available for 90 days.

Event dates and participation are subject to change, and additional events will be announced later. For the latest updates, visit Mobileye's IR site.

Intel announced that key executives will participate in several upcoming investor conferences. John Pitzer, Corporate VP, Corporate Planning and Investor Relations, will discuss Intel's business and strategy at the Goldman Sachs Global Semiconductor Conference on May 30 at 7:50 a.m. PDT, and at the BofA Global Technology Conference on June 4 at 2:40 p.m. PDT. Saf Yeboah-Amankwah, Senior VP and Chief Strategy Officer, will talk about Intel’s automotive strategy at the Mizuho Auto Technology Conference on June 12 at 6:55 a.m. PDT. Live webcasts and replays of these sessions will be available on Intel’s Investor Relations website.

Kevin O’Buckley has been appointed as the senior vice president and general manager of Foundry Services at Intel, succeeding Stuart Pann. O’Buckley will lead Intel’s systems foundry growth strategy, aiming to build the world’s first systems foundry for the AI era. Intel Foundry’s business includes technology development, global manufacturing, and customer service. O’Buckley joins Intel with over 25 years of experience in the semiconductor industry, coming from Marvell Technologies and Avera Semiconductor.