Thndr Claps » U.S. Claps » Tech 📲 » Intel subsidiary files for IPO 👀
The ClapMobileye, a subsidiary of Intel (NASDAQ: INTC), has filed for an IPO.MobileyeMobileye specializes in making chips, maps, and software for self-driving cars.The DeetsThe company is showing strong signs of financial growth, recording a loss of $75 million in 2021, compared to a loss of $328 million in 2019.Intel intends to use the money raised by the IPO to build more chip factories as part of its strategy to become a powerhouse in the chip-making industry. BackgroundIntel acquired Mobileye for $15.3 billion in 2017, with plans to take it public also surfacing before.Why this MattersIntel’s stock is up less than 1% in after-hours trading following the news.
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