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Mobileye’s CEO Amnon Shashua poses with a Mobileye driverless vehicle at the Nasdaq Market site in New York, July 20, 2021.

Jeenah Moon | Reuters

Intel‘s self-driving subsidiary, Mobileye, is targeting an IPO that would value it at nearly $16 billion. Intel said it expects shares to be priced between $18 and $20 per share in a filing on Tuesday.

The valuation, which is lower than earlier reports, is the latest sign that the IPO market has significantly cooled as interest rates rise and investors prepare for a potential recession. Mobileye shares will be traded on the Nasdaq. The Nasdaq Composite is down over 32% so far this year.

Intel aims to raise as much as $820 million which it will use for working capital and corporate purposes, it said in the filing.

Intel will retain control of Mobileye. It will hold over 750 million shares of Class B stock which have 10 times the voting power of Class A stock.

Class A stock is what investors will buy in the IPO. Intel expects there to be 46.26 million shares Class A shares outstanding, with the potential for more depending on if the underwriters decide to exercise their option to buy additional shares.

In total, Intel expects there to be 796.26 million shares of Mobileye outstanding that, if priced at $20 at the high-end of the range, would give the self-driving division a valuation up to $15.9 billion.

Intel bought Israel-based Mobileye for $15.3 billion in 2017. Mobileye, founded in 1999, builds chips, hardware, and software for self-driving cars and advanced safety features like lane-keeping and driver assistance.

Intel is currently going through a transformation in its core business of making computer chips. It’s building additional factories to become a manufacturer for other companies. But building and outfitting new fabs is capital intensive.

Mobileye has partnerships with automakers such as Audi, BMW, and Volkswagen, and its technology is currently in 800 vehicle models, it said in the filing.

The filing shows strong revenue growth for Mobileye from $879 million in sales in 2019 to $1.39 billion last year.

Intel stock fell over 2% during trading on Tuesday.

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Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here’s what’s driving the big move

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Quantum stocks Rigetti Computing and D-Wave surged double-digits this week. Here's what's driving the big move

Inside Google’s quantum computing lab in Santa Barbara, California.

CNBC

Quantum computing stocks are wrapping up a big week of double-digit gains.

Shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum skyrocketed more than 32% this week.

The jump in shares followed a wave of positive news in the quantum space.

Rigetti said it had purchase orders totalling $5.7 million for two of its 9-qubit Novera quantum computing systems. The owner of drugmaker Novo Nordisk and the Danish government also invested 300 million euros in a quantum venture fund.

In a blog post earlier this week, Nvidia also highlighted accelerated computing, which it argues can make “quantum computing breakthroughs of today and tomorrow possible.”

Investors have piled into quantum computing technology this year, as tech giants Microsoft, Nvidia and Amazon have embraced the technology with a wave of new chip announcements, multi-million dollar investments and research plans.

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Quantum computing is the most radical technology in history: Bank of America's Haim Israel

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How to get Sora app invite codes for OpenAI’s viral AI video creator

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How to get Sora app invite codes for OpenAI's viral AI video creator

Cfoto | Future Publishing | Getty Images

OpenAI’s new artificial intelligence video app Sora has already grabbed the top spot in Apple‘s App Store as its number one free app, despite being invite-only.

Sora, which was launched on Tuesday, allows users to create short-form AI videos and share them in a feed. The app is available to iPhone users but requires an invite code to access.

Here’s how to snag a Sora app invite code:

  • First, download the app from the iOS App Store. Note that Sora requires iOS 18.0 or later to be downloaded.
  • Login using your OpenAI account.
  • Click “Notify me when access opens.”

A screen will then appear asking for an access code.

Currently, OpenAI has said that it is prioritizing paying ChatGPT Pro users for Sora access. The app is only available in the U.S. and Canada, but is expected to roll out to additional countries soon, the company said.

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If you do not know someone who can provide an access code, several people are sharing invite codes on the official OpenAI Discord server, as well as on X and Reddit threads.

Once you input your access, you will be able to start generating AI videos using text or images. Users are also able to cameo as characters in their videos as well as “remix” other posts.

The app is powered by the new Sora 2.0 model, an updated version of the original Sora model from last year. The video generation model is “physically accurate, realistic, and more controllable” than prior systems, the company said in a blog post.

OpenAI's Sora 2 sparks AI 'slop' backlash

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OpenAI’s invite-only video generation app Sora tops Apple’s App Store

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OpenAI's invite-only video generation app Sora tops Apple’s App Store

Sopa Images | Lightrocket | Getty Images

OpenAI now has two of the top three free apps in Apple’s App Store, and its new video generation app Sora has snagged the coveted No. 1 spot.

The artificial intelligence startup launched Sora on Tuesday, and it allows users to generate short-form AI videos, remix videos created by other users and post them to a shared feed. Sora is only available on iOS devices and is invite-based, which means users need a code to access it.

Despite these restrictions, Sora has secured the top spot in the App Store, ahead of Google‘s Gemini and OpenAI’s generative chatbot ChatGPT.

“It’s been epic to see what the collective creativity of humanity is capable of so far,” Bill Peebles, head of Sora at OpenAI, wrote in a post on X on Friday. “Team is iterating fast and listening to feedback.”

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Sora is powered by OpenAI’s latest video and audio generation model called Sora 2. OpenAI said the model is capable of creating scenes and sounds with “a high degree of realism,” according to a blog post. The startup’s first video and audio generation model, Sora, was announced in February 2024.

OpenAI said it has taken steps to address potential safety concerns around the Sora app, including giving users explicit control over how their likeness is used on the platform. But some of the initial videos posted to the app, including one that depicts OpenAI CEO Sam Altman shoplifting, have sparked debates about its utility, potential for harm and legality.

“It is easy to imagine the degenerate case of AI video generation that ends up with us all being sucked into an RL-optimized slop feed,” Altman wrote in a post on X on Tuesday. “The team has put great care and thought into trying to figure out how to make a delightful product that doesn’t fall into that trap, and has come up with a number of promising ideas.”

WATCH: OpenAI’s Sora 2 sparks AI ‘slop’ backlash

OpenAI's Sora 2 sparks AI 'slop' backlash

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