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Tuesday, June 14, 2005
Intel sets $200 million China investment fund
Intel Corp., the world's largest computer chip maker, said yesterday that it is setting up a $200 million investment fund to help accelerate the use of computers and the Internet in China.
Intel Capital, the investment arm of the Santa Clara, Calif.-based company, will operate the China Technology Fund to help businesses develop technology and build Internet infrastructure, the company said in a statement yesterday.
Chief Executive Officer Paul Otellini, who took Intel's top job May 18, said last month new markets such as China will enable the company to counter slowing growth of personal computers. Intel got 47 percent of its sales in the Asia Pacific region in the first quarter, up from 40 percent a year earlier.
"The use of computing is continuing to develop in China, but one of the bottlenecks is communications, especially broadband, which is one of the areas that Intel can really help," said John Lau, an analyst at Jefferies & Co. in New York. He has a "buy" rating on the stock and doesn't own it.
Intel uses investments to push the adoption and development of technologies it judges will help sell future versions of its microprocessors. The company invests in the deployment of Internet connection technologies such as Wireless Fidelity and WiMAX to make sure potential computer buyers can get online.
The new fund, equal to about one-fifth of Intel Capital's $1.1 billion in total investments, marks an increase in the company's commitment to China, spokeswoman Colleen Rubart said. The fund initially will look for companies working on cell phones, high-speed Internet service and semiconductor design.
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