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Elaine Chao joins Mobileye board as independent director

Published 11/06/2024, 06:52 am

JERUSALEM - Mobileye Global Inc. (NASDAQ:MBLY), a leader in autonomous driving technologies, announced the addition of Elaine L. Chao to its Board of Directors as an independent director, effective last Thursday.

Chao, a prominent figure with a notable history in U.S. government roles, including as the 24th U.S. Secretary of Labor and the 18th U.S. Secretary of Transportation, is recognized for her bipartisan confirmation to two Cabinet positions. Her tenure in the public sector is complemented by her experience in the private and nonprofit sectors, where she has served on several company boards and led organizations like United Way America and the Peace Corps.

Patrick P. Gelsinger, chair of Mobileye’s board, expressed his confidence that Chao's extensive experience in technology and transportation would significantly contribute to the company's mission of enhancing road safety through advanced technology.

Mobileye's President and CEO, Prof. Amnon Shashua, also remarked on Chao's longstanding advocacy for technology that benefits all road users, aligning with Mobileye's vision.

Educated at Harvard Business School and Mount Holyoke College, Chao's career spans various leadership roles and has earned her 38 honorary doctorate degrees in recognition of her public service accomplishments.

Mobileye, since its founding in 1999, has been at the forefront of developing technologies for autonomous vehicles and driver-assistance systems. With a product range that extends from premium ADAS to fully autonomous vehicles, the company has equipped approximately 170 million vehicles worldwide with its technology as of the end of 2023.

In other recent news, Intel Corp has decided to pause its $25-billion chip factory project in Israel, according to reports by Calcalist. While not confirming the specifics, Intel emphasized its ongoing commitment to Israel as a critical region for manufacturing and R&D. The Israeli government had previously agreed to provide a $3.2-billion grant for the construction of the chip plant, considered a vital component of Intel's strategy to strengthen the global supply chain.

In a separate development, Apollo Global Management (NYSE:APO) affiliates have agreed to invest $11 billion in Intel's manufacturing facility in Leixlip, Ireland, granting Apollo a 49% equity interest in a joint venture tied to the facility, known as Fab 34. This financial collaboration enables Intel to reallocate a substantial portion of its investment in Fab 34 to other areas within its operations.

Moreover, Intel has formed a $11 billion joint venture with Apollo for Fab 34, a semiconductor manufacturing facility in Ireland. The partnership is part of Intel’s Semiconductor Co-Investment Program (SCIP), designed to provide financial flexibility and support the company's strategic investments globally. The joint venture will produce wafers for Intel's products and its foundry customers.

In addition, Intel has unveiled its latest generation of Xeon server processors in an effort to recapture data center market share it has lost to Advanced Micro Devices (NASDAQ:AMD) Inc. The launch includes the debut of the Gaudi 3 artificial intelligence accelerator chips, which are set to be priced significantly lower than those of competitors. The efficiency Xeon chip is available starting today, with the performance variant expected to be released in the third quarter of this year.

InvestingPro Insights

Intel Corporation (NASDAQ:INTC), a significant stakeholder in Mobileye Global Inc., is currently navigating through a challenging market environment. The company is trading at a low P/E ratio relative to near-term earnings growth, which can be an indicator of an undervalued stock. This is noteworthy for investors considering the broader impact on Mobileye's market positioning and the financial ecosystem surrounding autonomous driving technologies.

InvestingPro data shows Intel's market capitalization stands at $131.03 billion, with a P/E ratio adjusted for the last twelve months as of Q1 2024 at 31.39. This is coupled with a PEG ratio of 0.14 for the same period, suggesting potential for growth when considering the earnings forecast. Additionally, despite a slight revenue decline of -2.09% over the last twelve months, the quarterly revenue growth in Q1 2024 was 8.61%, indicating a possible turnaround or seasonal variation in sales.

Intel's position as a prominent player in the Semiconductors & Semiconductor Equipment industry, along with its track record of maintaining dividend payments for 33 consecutive years, reflects a level of stability and commitment to shareholder returns. This could be a reassuring signal for investors of Mobileye, as it underscores the financial strength of one of its key backers.

There are currently 9 additional InvestingPro Tips available for Intel Corporation, which could provide deeper insights into the company's financial health and stock performance. Interested readers can explore these tips by visiting InvestingPro and can benefit from an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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