Market News

Intel Snaps Up Killer Gaming Cards With Savvy Rivet Deal

Intel (INTC) has announced that it is acquiring Rivet Networks, a leader in software and cloud-based technologies for networking connectivity. This includes the popular “Killer” line of gaming networking cards.

Intel and Rivet Networks have now partnered to build the Killer AX1650 Wi-Fi solution, which Intel says will deliver immersive entertainment and gaming experiences along with powerful Wi-Fi 6 technology.

According to Intel, Rivet Networks’ capabilities, including its software, are complementary to Intel’s wireless products and capabilities.

“Rivet Networks’ products deliver speed, intelligence and control for gamers and performance users. Its products maximize Wi-Fi bandwidth utilization and optimize the wireless network connection on your platform” stated Chris Walker, corporate VP of Intel’s Mobile Client Platforms Group.

Post-acquisition, Rivet’s team will join INTC’s Wireless Solutions Group while the company’s key products, including its Killer brand, will integrate into Intel’s broader PC Wi-Fi portfolio. Financial terms of the deal were not disclosed.

Shares in Intel are currently trading up 5% year-to-date, and according to the Street a pullback could be on the cards. The stock shows a Moderate Buy analyst consensus, with the majority of analysts sidelined, while the $62 average price target indicates 1% downside from current levels. (See Intel stock analysis on TipRanks).

“We see INTC weathering COVID better than most, but associated uncertainties keep us sidelined” writes Oppenheimer’s Rick Schafer. “We see DC/Cloud and 5G infrastructure as relative “safe haven,” but fear near-term WFH [work-from-home- “pull-in” benefit to PC could reverse in 2H” he added.

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