Rubric urged Xperi to explore options for AI unit, Bloomberg says

Rubric Capital Management is urging Xperi to cut costs and evaluate strategic alternatives for its artificial intelligence unit, Crystal Tse of Bloomberg reports, citing people with knowledge of the matter. Rubric has told Xperi that it intends to nominate two directors to the company’s five-person board, sources told Bloomberg. The nominees are Thomas Lacey, who was CEO of Xperi’s predecessor company, and Deborah Conrad, a former Intel (INTC) executive, the people said. Shares of Xperi are up 3% to $11.09 in midday trading.