Intel plans to offer 35 million shares of Class A common stock worth of approximately $1.5 billion stake, in Mobileye Global.
As a result of the offering, Intel’s voting share in the self-driving technology company will decrease to around 98.7 percent from its current 99.3 percent.

Following the news, Mobileye’s shares, based in Jerusalem, Israel, experienced a decline of over 4 percent in extended trading, reaching $40.55.

This share sale occurs amidst intense competition in the assisted driving market, with chipmakers Nvidia and Qualcomm striving to gain ground in this domain. Mobileye, whose customer base includes BMW, Nissan, and Volkswagen, among others, went public on the Nasdaq last year, raising $861 million in its initial public offering.