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By SecureWorld News Team
Tue | Mar 14, 2017 | 9:34 AM PDT

Intel hopes to join the race in developing driverless cars by acquiring tech firm Mobileye.

Reuters explains:

Intel Corp (INTC.O) agreed to buy Israeli autonomous vehicle technology firm Mobileye (MBLY.N) for $15.3 billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp (NVDA.O) and Qualcomm Inc (QCOM.O) to develop driverless systems for global automakers.

The pricey acquisition of Mobileye could propel the world's largest computer chipmaker into the front ranks of automotive suppliers at a time when Intel has been reaching for market beyond its core computer semiconductor business.

It also promises to escalate the arms race among the world's carmakers and suppliers to acquire autonomous vehicle technology, and could fuel already-overheated valuations of self-driving start-ups.

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