When the chips fall: Intel preps for Mobileye IPO with $16 billion valuation. Not quite the $50 billion we were teased with earlier
, the lower than expected valuation could prove problematic for the chipmaker’s recovery. CEO Pat Gelsinger was betting heavily on Mobileye’s IPO to fund the corporation's shift to contract semiconductor manufacturing. To date, the chipmaker has committed to more than $70 billion of new fab and packaging sites across the United States and Europe.
The high costs of the facilities, each of which can run between $10 billion and $20 billion, and the uncertainty surrounding the allocation of CHIPS Act subsidies from the US government has forced Intel to get creative. In August, the companyCanadian private equity firm Brookfield Asset Management to bankroll half of its Arizona fab project, which, due to changing market conditions — namely inflation — had ballooned in price by 50 percent.
Making matters worse, Intel, which will report third-quarter earnings October 27, is expected to confront stiff economic headwinds in the face of rapidly declining PC demand across the industry. Gartner last weekIntel is alsoto announce thousands of layoffs at the end of the month, with some teams – notably sales and marketing – losing as much as 20 percent of staff.
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