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Intel's CEO says the company's still here for 5G

Intel's CEO Bob Swan claimed that with Apple as its only customer, they "didn't see a way to get attractive returns" for their investors.

Intel's CEO says the company's still here for 5G

In an interview with CNBC on Wednesday, Intel's CEO claimed that while they sold their smartphone modem business to Apple—the iPhone maker bought a major chunk of Intel's modem business for $1bn, including 5G modem development tech required for devices to connect to the new networks—their sights are still set on 5G.

"We doubled down on 5G networks where we think there's real opportunities and [...] announced the sale of the 5G smartphone modem to Apple," Intel's CEO Bob Swan said during the interview, adding, "But we also retained access to the technologies in the event that we need a 5G modem for non-smartphone applications, like a PC or an automobile."

When asked about the decision to sell to Apple, Swan stated, "The criteria we use when we make these investments is if it's a real tech that's going to differentiate tech for the industry," adding that while 5G networks was a solid investment opportunity, the smartphone modem was, "not so much." He continued, saying, "We really only had one customer [Apple] and concluded that we didn't see a way to get attractive returns for our investors."
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