Intel Corp (NASDAQ:INTC) plans to invest $253.5 million in Indian company Reliance Jio Platforms. The company joins high profile companies such as Silver Lake, General Atlantic, and Facebook Inc. (NASDAQ:FB) investing in the telecom operator.
Intel acquires 0.39% stake in Jio platforms
The chipmaker is acquiring a stake of 0.39% in the Indian company taking the valuation of Jio Platforms to $65 billion. Intel’s investment division, Intel Capital, becomes the 12th investor to acquire an interest in Jio Platforms, which has sold a 25% stake since April, raising around $15.5 billion.
Intel Capital President, Wendell Brooks, stated that the Indian company’s focus on offering low-cost services through its engineering capabilities aligns with Intel’s mission of offering breakthrough tech. Wendell added that they believe that data and digital access can transform society and businesses for the better. The deal validates the potential and opportunities investors see in Jio Platforms, which has upended the Indian telecommunication industry with cut-rate mobile data and voice tariffs.
Jio Platforms runs a range of digital apps that include JioSaavn, a music streaming service, JioMoney a payments app as well as JioTV. Jio subscribers access these services at no additional cost. It also recently launched a video conferencing service, JioMeet, which will offer 24 hours timer limit per session.
Apple switches from powering Macs with buggy Intel CPUs
Former Intel engineer, Francois Piednoel, has claimed the Apple Inc. (NASDAQ:AAPL) switched from Intel because of the several bugs in its Skylake CPUs powering Macs released from 2015 through 2017. Piednoel left the company in 2017 after 20 years as a CPU engineer and currently works at the North American R&D division of Mercedes-Benz.
Apple announced during the WWDC that it was switching to Arm for future Macs, and Piednoel claims that the decision was prompted by the arrival of Skylake Core CPUs that are buggy. He explained that Skylake’s quality assurance was very bad. The switch to Apple silicon from Intel will be finalized after two years with the first batch of Arm-based Macs expected at the end of this year.