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Intel CEO vows to refocus on innovation, asks customers to be ‘brutally honest‘. (00:23) Xiaomi shares fall after fatal crash in China. (01:35) SoftBank said to be in talks to borrow $16.5 billion for AI investments in U.S. (02:06)
This is an abridged transcript.
Intel’s (NASDAQ:INTC) new CEO Lip-Bu Tan, in his first public appearance since taking the helm, has vowed to refocus on innovation and called on customers to provide harsh feedback on the company.
“We fell behind on innovation,” Tan said in his keynote speech at the Intel Vision 2025 event on Monday. “We have been too slow to adapt and meet your needs.”
“Please be brutally honest with us. I believe harsh feedback is more valuable,” he said, addressing hundreds of Intel’s (NASDAQ:INTC) partners and customers.
Tan spent his first couple of weeks as Intel’s (INTC) CEO engaging with customers, noting that the company had fallen short of their expectations. “It is very clear that we have a lot of hard work ahead.”
The new CEO said he’d retain and recruit top engineering talent. “I will pull together strong teams to correct the past mistakes and start earning your trust.”
Tan’s priorities for Intel (INTC) products are to drive innovation in client computing, build the industry’s broadest ecosystem of independent software vendors and artificial intelligence applications, and strengthen data center offerings.
He also highlighted the need for a culture change at the company. “We will simplify the way we work. Bureaucracy kills innovation,” Tan said. Reuters previously reported that Tan eyed overhauling what he viewed as a slow-moving and bloated middle management layer.
Xiaomi (OTCPK:XIACF) shares fell in Hong Kong trading after the company confirmed one of its SU7 electric cars was involved in an accident.
Local media reported three people died in the incident.
The stock fell as much as 5.5% in afternoon trading.
Xiaomi (OTCPK:XIACF) said it has provided driving and system data to assist in the investigation.
According to Xiaomi, the vehicle was in Navigate on Autopilot mode and traveling at 116 kilometers per hour before the crash.
SoftBank Group (OTCPK:SFTBY) (OTCPK:SFTBF) is reportedly in talks to secure a loan of up to $16.5 billion to support its growing investments in AI across the U.S.
If finalized, this would be the largest US dollar-denominated loan in the history of the Japanese conglomerate, Bloomberg reported.
Multiple banks are being approached to participate in the financing, the report said.
The proposed bridge loan is also expected to contribute to SoftBank’s role in the latest (and record-breaking) $40 billion funding round for OpenAI, a generative artificial intelligence startup backed by Microsoft (MSFT).
What’s Trending on Seeking Alpha:
OpenAI secures $40B funding, valuing ChatGPT maker at $300B
Nvidia-backed CoreWeave given sharply divergent ratings by SA analysts
Li Auto’s Q1 deliveries rise 15% Y/Y
Catalyst watch:
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Sportradar (SRAD) will host an Investor Day event. Top management will present the business strategy, growth drivers, and financial outlook.
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Shareholders with Patterson Companies (PDCO) will vote on the takeover offer from Patient Square Capital, L.P
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.4% at $71/barrel. Bitcoin is up 2.5% at $84,000.
In the world markets, the FTSE 100 is up 0.8% and the DAX is up 1.8%.
The biggest movers for the day premarket: Open Lending (NASDAQ:LPRO) -19.2% – Shares fell after the company reported a significant miss on both earnings and revenue for the fourth quarter of 2024 driven by the recording of a valuation allowance on its deferred tax assets, which boosted income tax expense during the period.
On today’s economic calendar:
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.