TNB Tech Minute: Intel Names Lip-Bu Tan as Its New CEO
WSJ Tech News Briefing
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Here's your TNB Tech Minute for Wednesday, March 12th. I'm Shara Tipkin for The Wall Street Journal. Intel is naming a former board member as its next CEO to help turn the company around. Lip Bhutan, the former head of semiconductor design company Cadence Design Systems, will join Intel next week. The company has lost market share and struggled to keep up with its chip rivals.
The previous CEO, Pat Gelsinger, abruptly retired in December until stock jumped in after-hours trading.
Pokemon Go is getting a new owner. Niantic has agreed to sell the augmented reality app and the rest of its gaming business to Savvy Games Group's Scopely unit for $3.5 billion. Savvy already owns mobile games like Monopoly Go, and it's backed by Saudi Arabia's sovereign wealth fund. The Pokemon Go franchise has made more than $8 billion in revenue over the years, but Niantic has struggled to come up with other big hits.
After closing the Pokemon Go deal, it plans to spin off its geospatial artificial intelligence business into a new company. Next, another consumer brand is struggling. iRobot, which makes the popular Roomba vacuums, warned investors today of what's called a going concern. The
The disclosure indicates there's substantial doubt about the company's ability to continue operations. Last year, Amazon abandoned plans to pay $1.7 billion for the company. Since then, iRobot has reported increasing financial losses and cut jobs. Its shares plunged over 35% today.
And there's a new update in quantum computing. The Silicon Valley company D-Wave says it's achieved what's called quantum supremacy with its technology. That means it's able to solve a problem with a quantum computer that other computers can't handle. D-Wave says it's able to simulate properties of magnetic materials. That's important for production of smartphones, motors, and other devices. Google said it achieved quantum supremacy in 2019.
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