Intel says it has no plans to divest majority stake in Mobileye

Shares of Mobileye (MBLY) are surging after Intel (INTC) announced that it is not currently looking to divest its majority stake in the company. Market Domination Hosts Julie Hyman and Josh Lipton report more on the story as Intel looks to raise additional capital.

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This post was written by Melanie Riehl

Video transcript

Moving on to mobilize those shares surging after Intel says it is not currently preparing to sell its majority stake.

And that is the news Intel says that the current not currently preparing Julie to sell that stake.

Uh It does hold about 90% of Mobile I which of course makes uh autonomous driving tech doesn't have any plans to vest that majority interest in the company saying we believe in the future of autonomous driving technology and mobilize unique role as a leader in development and development of advanced driver assistance systems.

Yeah, as we know Intel is trying to and Pat Gelsinger, the CEO is trying to write the ship.

So he's been doing all kinds of different things.

There had been some reports that Mobile, I was one of the assets that they were weighing whether to sell in order to raise some additional cash.

The problem is if they sold it, they would likely have to sell it at a loss because bought Mobile in 2017 for about $15 billion and the stock going into today was worth about $11 billion.

Um So, you know, we'll see exactly what is going on there.

They had the IP back in 2022.

Yeah.

Mobile.

I like Intel.

I mean, it's been rough sledding.

I mean, last month they cut the forecast, the stock hit new, low current.

Not currently currently doesn't mean they won't ever.