Abu Dhabi’s MGX Backs Intel Spinoff Altera
MGX, the United Arab Emirates-backed fund, will join Silver Lake in purchasing a 51% stake in Altera, a programmable chip business spinning out of Intel, the fund said Tuesday.
Altera is MGX’s first investment in a chip business since the UAE started the fund last year with about $100 billion to invest in artificial intelligence companies. MGX has also invested in AI model developers OpenAI and xAI.
Altera’s chips can be programmed for a range of uses in wireless networking equipment, robotics and data centers running AI applications.
Intel in April said it was selling 51% of Altera in a deal valuing the company at $8.8 billion as part of the storied chip company’s efforts to simplify its offerings and shore up finances. MGX didn’t say how much it’s investing in Altera.