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Benzinga

Business

Anusuya Lahiri

Intel's Autonomous Car Driving Unit Confidentially Files For US IPO

Intel Corporation Mobileye INTC NVDA Nvidia Corp Patrick Gelsinger QCOM Qualcomm Inc United States

Intel Corp's (NASDAQ:INTC) self-driving car unit, Mobileye, has confidentially filed paperwork for a U.S. IPO, Reuters reports.
The IPO could value the Israeli unit at over $50 billion.
Intel acquired Mobileye for $15.3 billion in 2017 to fire up rivalry with Nvidia Corp (NASDAQ:NVDA) and Qualcomm Inc (NASDAQ:QCOM) in developing driverless systems for automakers.
Intel CEO Pat Gelsinger has been under pressure from activist investors to consider spinning off its chip manufacturing operations.
Price Action: INTC shares traded lower by 0.51% at $47.83 on the last check Monday.

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