What's going on?

Intel�s self-driving tech company Mobileye listed on the stock market this week.

What does this mean?

Mobileye�s driver-assistance tech is already embedded in over 125 million vehicles, and that number�s only set to grow as the car industry cruises toward a fully automated future. Keen to cash in on those bright prospects, Intel announced plans late last year to list the company on the stock market. And while souring market sentiment scuppered plans for other initial public offerings (IPOs), Intel pushed ahead in selling a cautious 5% stake. That vigilance paid off: despite its shares selling above its target range, valuing it at $17 billion, that sum was a far cry from the $50 billion it set its sights on earlier in the year (tweet this).

Why should I care?

The bigger picture: Jesus, take the wheel.
The driverless car industry isn�t quite where it wants to be, with Tesla boss Musk admitting last week that full self-driving software still needs a driver behind the wheel. Look at Cruise: the autonomous vehicle company tests its robotaxis on quiet roads at night, showing the general cautiousness in the industry right now. But with McKinsey estimating that over $100 billion has been invested in driverless cars since 2010, companies are clearly plucky about the technology�s future.

For markets: Initial Puny Offerings.
IPOs in the US have raised a measly $22.5 billion in 2022, a trifling sum compared to the $279 billion raised at the same point in 2021. That means Mobileye�s slim listing is still a highlight, clocking in as the fourth biggest this year. Things look unlikely to change anytime soon either, with scheduled IPOs dropping like flies: Instacart, for one, reportedly called off its highly-anticipated listing earlier this month after its valuation was cut for a third time.