Intel rises after former subsidiary releases AI chip technology

ReutersJun 3, 2025 2:48 PM

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Intel Corp INTC.O shares are up 1.5% at $20 on Tues after former subsidiary, Cornelis Networks, released a suite of networking hardware and software aimed at boosting the speed of artificial intelligence chips

Cornelis "CN5000" networking chips use a new network technology created by Cornelis called OmniPath - which was developed at Intel

Cornelis was spun out of Intel in 2020 and is still backed by the chipmaker's venture capital fund. Cornelis CEO Lisa Spelman is a former Intel executive

Among 46 analysts that cover INTC, avg rating is "HOLD" and median PT is $21

Intel is down 0.8% YTD vs NASDAQ Composite Index's .IXIC 0.1% increase.

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