That majority shareholder is Intel Corp. which is struggling to get back on track after a series of technological missteps. Intel is also in the midst of a costly bid to regain manufacturing leadership and to serve as a foundry that makes chips for other semiconductor companies.

That news is behind the surprising strength in shares of Intel stock (up 3% through 11:10 a.m. ET), and in Alphabet (up 1.8%), and in Mobileye most of all -- up 15.3%!

Intel said it's turning its foundry business into an independent unit with its own board and the potential to raise outside capital.

Intel stock (NASDAQ: INTC) is trading at about $19 per share, its lowest point in over a decade. Could the stock rise by over 3x per share in the next few years? Does this sound a bit ridiculous? Consider this - Intel stock was trading at levels of about $60 per share just about three years ago.

Mobileye Global Inc. shares surged the most in nearly two years after Intel Corp. said it isn’t “currently” preparing to unload its majority stake in the maker of autonomous driving technology, easing investors’ fears.

Struggling chipmaker Intel said on Thursday it had no plans to divest a majority stake in Mobileye , sparking an 8% rise in the self-driving tech firm's shares in premarket trading.

Mobileye stock rose 8.6% in premarket trading. Intel shares gained 2.1%. “By providing Mobileye with separation and autonomy, we have enhanced its ability to capitalize on growt