Intel is putting about 8,500 patents on the auction block as the chip giant exits the 5G smartphone market
The Santa Clara, California-based company told Business Insider it is looking to sell intellectual property assets related to 3G, 4G, and 5G cellular and wireless technologies. The company has nearly 90,000 patents worldwide, a spokesperson said. The patent auction was first reported by IAM media.
Intel is also looking for a buyer for its 5G smartphone modem business. The company stunned the tech world two months ago when it announced that it was abandoning the market for smartphone 5G modem chips. In a statement, new CEO Bob Swan said that "it has become apparent that there is no clear path to profitability and positive returns."
An Intel spokesman told Business Insider that the auction process, which is being supervised by the law firm Sullivan & Cromwell, "is independent of Intel's evaluation of options for the smartphone modem business, which we announced last April. Intel would retain significant patent assets for cellular wireless and connected devices technologies."