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🚙 Intel’s $50B spinoff, explained

The Hustle

A Massachusetts cannabis company baked a 3-by-3-foot, 850-pound THC-infused brownie Wednesday in celebration of National Brownie Day. The price is still being determined, though it’ll probably cost more than your average birthday cake.

(FYI: Tomorrow is the final day to enter our $7k+ tech giveaway. Below, find out how you can get a shot at winning a MacBook Pro, iPhone 13, Apple Watch, and more.)

Today’s rundown:

  • Mobileye: Breaking down Intel’s $50B autonomous driving spinoff.
  • Break the bank: Exploring the world’s most expensive cities.
  • PaaS: What is “philanthropy as a service”?
  • Around the web: Bedtime routine advice from toddlers, an ice cube that doesn’t melt, and more wild internet finds.

Let’s do it.

The big idea
Intel car

Intel is spinning off its self-driving unit for $50B — why?

Intel has taken a number of Ls in recent decades.

The chipmaker’s main competitors — Nvidia ($810B market cap) and TSMC ($630B) — have passed it ($213B) in size. More recently, Apple dropped it like a bad habit as a chip supplier.

However, the company is amid a turnaround under CEO Pat Gelsinger and just announced a big move:

Intel is spinning off…

… Mobileye — its self-driving unit — at a projected valuation of $50B, per The Wall Street Journal. If the deal is completed by mid-2022 as planned, Intel will retain a majority stake.

Founded in Israel in 1999, Mobileye initially sought to reduce car accidents with collision-avoidance systems. Today, it develops chip-based cameras to “see” the road, guiding a car’s steering and braking mechanisms.

Mobileye previously went public in 2014, before Intel acquired it for $15.3B in 2017.

Why another IPO?

Public markets have shown significant appetite for next-gen auto stocks. Tesla is a $1T+ company while Rivian went public at $100B with zero (as in $0) revenue.

Mobileye notched $326m in sales in the latest quarter. Meanwhile, semiconductor chips are estimated to rise from 4% of a car’s material costs in 2019 to 20% by 2030, per WSJ.

Intel could use the cash

It’s committing $100B to build semiconductor plants in the coming years.

A Mobileye listing may spur a rush for other autonomous vehicle tech IPOs. Two potential spinoffs come to mind: Cruise (owned by GM) and Waymo (owned by Alphabet).

For the 1st time in a long time, Intel looks to be a trailblazer.

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SNIPPETS

You can now buy your own Bird scooter or bike at Target, including a $600 e-scooter and a $100 kids’ scooter. #ecommerce-retail

Some 20% of public airports have added solar power over the past 10 years, adding panels to runways, roofs, and more. #clean-energy

This is cool: Candela raised $24m to build its electric “hydrofoiling” boats, which glide above water to increase efficiency. #emerging-tech

Mobile security: The New York Times offers a guide to using your phone’s privacy tools, whether you have iOS 15 or Android 12. #privacy

Umm: You can apparently play video games in a Tesla even when it’s moving. This, for obvious reasons, has some concerned. #big-tech

Today on MFM: Shaan calls an “emergency podcast” to discuss the CEO who fired 900 employees over Zoom. Oof. #mfm

Tweet thread: The Hustle’s Rob Litterst explores how The Economist has remained relevant since 1843. #hustle-picks

Money Map
World's most expensive cities map

Visual: Singdhi Sokpo

Some findings on the world’s priciest spots

The numbers are in. According to the Economic Intelligence Unit, this year’s most expensive city is… (drumroll, please)…

🥁🥁🥁🥁🥁🥁🥁🥁🥁 Tel Aviv, Israel! Congrats — er, wait — sorry?

Soaring currency, grocery, and transportation prices contributed to its rise. Some other findings of note:

  • Rome saw the biggest drop in rankings, from 32nd to 48th.
  • Tehran saw the biggest climb, from 79th to 29th (think: US sanctions).
  • Hong Kong recorded the most expensive gas prices.
  • Damascus was the cheapest city for a 2nd year in a row (think: civil war).
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Free Resource

How brands are using Instagram link stickers

Instagram eliminated swipe-up links for Stories in August, and all hell broke loose.

Just kidding. They replaced them with cute, customizable link stickers, and brands and influencer marketers around the world were pleased.

Those little buttons have a bigger impact than you think. Here’s how:

How to drive clicks with link stickers (5 min read):

  • Why Instagram got rid of swiping up
  • How HubSpot social media teams are executing
  • 3 lovely link sticker examples (ASHYA, Lil’ Libros, Neatly Nested)

This fine piece of blog is brought to you by HubSpot.

Instagram sticker tips →
Giving App
packaging donation items

What’s philanthropy as a service?

What if your charitable donations were part of your employee benefits, like insurance or PTO?

That’s what Groundswell envisions with its “philanthropy as a service” platform. The startup raised $15m in seed funding, to ramp up for an early 2022 launch.

Groundswell sells its services to companies…

… who set employees up with personal funds to donate as they see fit, using Groundswell’s platform.

The app also:

  • Makes suggestions based on issues employees identify as important
  • Lets users build shareable portfolios of charities they support
  • Tracks donations for tax purposes

To grow the fund, employees can automatically divert a percentage of their paycheck, which employers can match.

But Groundswell founder and CEO Jake Wood told The Hustle he hopes companies just give away money to “empower employees to solve the problems that they think are most pressing in their communities.”

Companies not only get a tax deduction…

… but receive data about the issues that attract their employees’ dollars.

“There’s a role for companies to be writing big checks [and] tackling issues at a systemic level,” Wood told us.

“If they know what their people care about and can align those big checks to those values, then it’s a win-win for the organization that actually makes that corporate philanthropy more sustainable.”

So far, Groundswell has signed on a variety of companies, from hedge funds to consumer brands, with ~200 to 10k+ employees (though they haven’t officially named any names).

BTW: If you’re looking for charities to support, Charity Navigator is a searchable database of 195k+ nonprofits.

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AROUND THE WEB

🎭 On this day: In 1979, scientists announced that smallpox had been eradicated. The disease had been around since at least 2 B.C.

🛌🏽 How to: This 3-step sleep routine sounds very luxurious. But the steps come from… toddlers?

⚱️ Wait, what?: Hedge fund billionaire Michael Steinhardt has been banned from acquiring relics after prosecutors accused him of having a “rapacious appetite” for stolen art. He also had to surrender 180 smuggled pieces worth $70m.

👂 Useful: Have a noisy pet or roommate? Zooming from a coffee shop? Krisp is a free app that helps decrease background noise during online meetings.

🧊 That’s cool: Researchers made a new ice cube that doesn’t melt and can be composted. It can be used for up to 13 hours, rinsed clean, then tossed back in the freezer.

🐕 Aww: And now, a dog who likes to pet other dogs.

Meme of the day
trust issues meme

You don’t even need collision detection with this (Source: Imgflip)

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Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

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