BUZZ-Intel rises after former subsidiary releases AI chip technology

Reuters

06-03

BUZZ-Intel rises after former subsidiary releases AI chip technology

** 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.

(Reporting by Chibuike Oguh in New York)

((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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