Mobileye Stock Rises as Intel Says Won’t Sell Stake
Mobileye Global Inc. shares surged the most in nearly two years after Intel Corp. said it isn’t “currently” preparing to unload its majority stake in the maker of autonomous driving technology, easing investors’ fears.
Tweet on Mobileye’s eye share fluctuation
@mobileye shares surged the most in nearly two years after Intel Corp. said it won't unload its majority stake, via Bloomberg#mobileye #intel #data #Chips https://t.co/EkLEB0Khcj
— The_Journalbiz (@the_journalbiz) September 19, 2024
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Intel, which holds 88% of Mobileye, said in a statement Thursday that it doesn’t have “any plans to divest a majority interest in the company.” The remarks sent the shares up as much as 19% to $13.79 in New York trading, marking the biggest intraday gain since Oct. 26, 2022
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The idea of Intel divesting had been an ‘overhang’ on the stock as Mobileye has struggled to cope with the auto industry slowdown
“We believe in the future of autonomous driving technology and Mobileye’s unique role as a leader in the development and deployment of advanced driver assistance systems,” the chipmaker said.
