• News
  • IT&Software

Intel drops $15B on Mobileye in race for a driverless future

Intel drops $15B on Mobileye in race for a driverless future

At this price, it would make the deal the largest ever acquisition of an Israeli high-tech firm, as well as the largest ever in the field of autonomous driving.

Mobileye's co-founder Amnon Shashua said that "strong momentum" Krzanich referred to involves working relationships with 27 manufacturers, including 10 production projects with Audi, BMW and other major automakers.

The U.S. company estimates that the vehicle systems, data and services market will be worth up to 70 billion dollars by 2030. Most notably, its technology is used by Tesla Inc.in its Model S vehicles, although the companies announced plans to part ways following a fatal crash past year. Most importantly, a test with 40 self-driving cars, in partnership with BMW, will continue as scheduled, meaning that this technology is only going to get closer. The price represents a premium of around 33 percent to the Friday closing price of Mobileye's shares.

Intel Corp.is the latest company racing to shape the future of autonomous transportation, joining traditional auto makers, parts manufacturers and technology companies. Intel has worked increasingly with Mobileye, announcing plans past year to deploy 40 autonomous cars as part of trials with BMW.

United States microchip maker Intel is about to be the new company behind the wheel at the driverless technology firm Mobileye.

Shashua is also chairman of the computer science department at Hebrew University, where the Mobileye technology was developed.

More news: ESPN, Fox Sports to broadcast on Youtube's new TV streaming service

According to Intel's announcement, the buyout represents an equity valuation of $15.3 billion for Mobileye.

From a technology standpoint, Mobileye's offerings help vehicles see what's going on, while Intel chips will help process the increasingly computationally intensive operations that follow.

"By pooling together our infrastructure and resources, we can enhance and accelerate our combined know-how in the areas of mapping, virtual driving, simulators, development tool chains, hardware, data centers and high-performance computing platforms", he added in a statement.

Mobileye NV (NYSE:MBLY) was downgraded by equities researchers at Dougherty & Co from a "buy" rating to a "sell" rating in a research report issued on Monday.

Autonomous cars will need higher levels of connectivity to the Internet and access to bigger data centers, which Intel can provide, Krzanich said.

Leave Your Comment

Leave Your Comment


Latest News

  • Wall Street Meets

    Wall Street Meets "The Fearless Girl"

    According to Reuters , only three of its 11 board members are female, and two of them have been serving for more than a decade. Right now , " Fearless Girl " is set to remain in place for a week, though there is potential for the statue to stay longer.
    Record Wildfires in Southern Plains Could Keep Growing Through Weekend

    Record Wildfires in Southern Plains Could Keep Growing Through Weekend

    The fire, which was driven by wind gusts of almost 50 miles per hour , jumped Interstate 76 and spread into Phillips County. The fire originated across the state border in Oklahoma , where it burned an estimated 390 square miles in Beaver County.
    Harry Kane on the double as Spurs see off Everton

    Harry Kane on the double as Spurs see off Everton

    When he scores and when he doesn't I have the same opinion of him", he added. "We start to make history with that group". Tottenham had been cruising but it was a nervy conclusion.
  • 4 ways Google Cloud will bring AI, machine learning to the enterprise

    4 ways Google Cloud will bring AI, machine learning to the enterprise

    Toward that end, they plan to launch a software development kit for programmers later this month. He also noted that Google has invested $30 billion in cloud computing.

    Oil prices have fallen on worries China will cut demand

    Already this year, Total and BP have launched multi-billion dollar deals to expand in Brazil and Mauritania, respectively. LTO production could grow by 3 million bpd in five years", the IEA said .
    97-year-old twins freeze to death after falling outside

    97-year-old twins freeze to death after falling outside

    Police Chief John LaCross told Eyewitness News Williams was face down in the driveway and Haley was face down in the garage. The women were discovered by a neighbour Saturday morning and rushed to the hospital where they were pronounced dead.
  • Arkansas vs. Kentucky - 3/12/17 College Basketball Pick, Odds, and Prediction

    Arkansas vs. Kentucky - 3/12/17 College Basketball Pick, Odds, and Prediction

    It's looking like they'll be a No. 2 seed in the 2017 Tournament, and that will have to do for coach John Calipari's bunch. NASHVILLE, Tenn. - Malik Monk 's teammates refused to say that their sharpshooting freak of a freshman was in a slump.

    Hawaiian Airlines Flight Diverted Over Cost Of A Blanket

    Airport officers met the aircraft at the gate and conducted an investigation with the FBI. "I'm going to call the president". Hawaiian Airlines spokeswoman Alison Croyle said, "We don't know the demeanor of the passenger, what was said, or the tone".
    The latest on soy and breast cancer

    The latest on soy and breast cancer

    Previous research has suggested that the consumption of soy products may increase the risk of developing breast cancer . However, high amounts of isoflavone did not associate with higher mortality in women who did receive hormonal therapy.
  • Howie Roseman delivers Christmas in March to Carson Wentz, Eagles fans

    Howie Roseman delivers Christmas in March to Carson Wentz, Eagles fans

    The Philadelphia Eagles introduced newly acquired wide receiver Alshon Jeffery during a press conference on Friday afternoon. According to ESPN's Josina Anderson, the former SC wide receiver is signing a one-year deal with the Philadelphia Eagles.
    Panthers trading Kony Ealy to the Patriots

    Panthers trading Kony Ealy to the Patriots

    Ealy played 37% of the snaps as a rookie and had played almost 60% of the Panthers snaps over the past two season. In New England, Ealy will be on the final year of his rookie contract and set to become a free agent in 2018.
    Scott Pruitt, EPA Chief, Doubts Carbon Dioxide's Role In Climate Change

    Scott Pruitt, EPA Chief, Doubts Carbon Dioxide's Role In Climate Change

    Mr Pruitt instead insisted that officials needed "to continue the debate" on the issue. What do you think? "That's a concern", he said.
  • South Dakota State Faces Top Seed Gonzaga in NCAA Tournament

    South Dakota State Faces Top Seed Gonzaga in NCAA Tournament

    On Sunday, the Division I men's basketball committee selected Northwestern as one of 68 teams taking part in March Madness . The Wildcats were rated No. 57 in the RPI with a No. 39 strength of schedule playing in the Big 12.
    AJ Bouye will leave Houston, sign in Jacksonville

    AJ Bouye will leave Houston, sign in Jacksonville

    Teams were hopeful he could continue to play at the same high level he displayed in his contract season. Pro Football Focus ranked Bouye as the third best cornerback in the league last season.

    Virus Deadly To Poultry Detected In Tennessee

    A strain of highly pathogenic avian influenza (HPAI) was detected on a chicken flock in Lincoln County, Tennessee. The outbreak also marks the first time HPAI has shown up in Tennessee, notes the USDA.
  • Luis Enrique: PSG win took its toll on Barcelona in Deportivo defeat

    Luis Enrique: PSG win took its toll on Barcelona in Deportivo defeat

    Both Lionel Messi and Luis Suarez wasted opportunities for the visitors and they were punished five minutes before half-time. Joselu had fired Deportivo into a first-half lead before Luis Suarez levelled in the first minute of the second period.
    Central Intelligence Agency  'devastatingly incompetent', says Assange

    Central Intelligence Agency 'devastatingly incompetent', says Assange

    Some of the material was redacted by WikiLeaks to avoid releasing the actual computer code used in the programs . A number of anecdotal examples of the CIA's hacking technology were revealed in the data dump.

    Dick's Sporting Goods jumps on earnings beat (DKS)

    As of January 28, 2017, Dick's operated 676 Dick's Sporting Goods stores, 91 golf specialty stores and 27 Field & Stream stores. On the earnings front, Microsoft Corporation (NASDAQ:MSFT) is expected to post quarterly earnings per share of $0.7.

Breaking News



Recommended

US Attorney Preet Bharara fired by Trump administration

As such, Bharara prosecuted more than 12 state lawmakers from both the Republican and Democratic parties, according to the AP. Attorney Mark Green for the Eastern District of Oklahoma in Muskogee could not be reached for comment.

Taylor Swift's Alleged Stalker Arrested On Multiple Charges

ET Canada can confirm that 29-year-old Mohammed Jaffar has been arrested on charges of burglary and stalking. Judge David Frey signed off on an order of protection against Jaffar, barring any contact with the pop star.

Red Cross reminds community to test smoke alarm bateries

It's best to install a dual-purpose alarm in every bedroom, outside of every bedroom and on each floor of your home. Whichever type of smoke alarms you choose, make sure they carry the label of a recognized testing laboratory.

Over 30 killed in ISIS attack on military hospital in Kabul

Afghan commandos landed on the roof of the hospital and killed the attackers, but only after hours of gun battle. Witnesses told Reuters that the attackers engaged security forces inside the building.

Snow Possible For Friday Morning Commute

Highs will be in the 60s through Thursday , but a cool down is expected to arrive late Thursday night through the weekend. For travelers, the early-morning transition into snow will make for a slow and messy Friday morning commute.

Spielberg, Streep, and Hanks to Team for Pentagon Papers Drama

A trio of longtime Democratic donors are set to make a movie about the Washington Post's role in exposing the "Pentagon Papers". Steven Spielberg is working on another political thriller, in which the lead roles plays Meryl Streep and Tom Hanks.

BBC Worldwide and ITV to launch new streaming service BritBox

Worldwide and ITV have officially launched their British television SVOD service BritBox in the U.S. The ad-free subscription service starts at $6.99 (£5.75) per month.

Turkish, US, Russian military chiefs hold surprise meeting

Hulusi Akar, Valery Gerasimov, and Joseph Dunford took place in the southeastern city of Antalya on Tuesday, the army said.

Syrian peace talks end with clear agenda, says United Nations envoy

Chief opposition negotiator Nasr al-Hariri said, "Although we are closing this round without clear results". Damascus sought a unified Syrian opposition.

Guardiola wants more City progress against Sunderland

Sunderland were dealt a blow after 69 minutes as Darren Gibson picked up and was replaced by former City midfielder, Jack Rodwell. I've said they should remain positive after and they are.