After 3 years of significant underperformance and a seemingly endless flow of negative headlines, Intel (INTC Quick QuoteINTC - Free Report) final has some positive news for its patient shareholders.

Intel’s new CEO, Pat Gelsinger, announced that the company would be bringing Mobileye, its cutting-edge automated driving segment, to the public markets. The Mobileye unit is eying an over $50 billion valuation in its anticipated 2022 IPO.

Intel initial purchased Mobileye in 2017 for $15.3 billion and has been able to drive incredible synergistic growth into this Israel-based innovator. A $50+ billion IPO price tag would represent roughly 250% appreciation in less than 5 years.

Despite Intel’s failure to perform in the CPU market, with AMD (AMD Quick QuoteAMD - Free Report) taking more market share on a seemingly daily basis, this legacy chipmaker has been able to triple Mobileye’s sales, with more than 60 million vehicles now equipped with its cutting-edge chip-technology.

This public spin-off has the markets excited about the investment opportunity that a more focused Mobileye group could provide investors. Intel stated that it would maintain majority ownership of Mobileye following its proposed initial public offering.

INTC shot up nearly 8% on open in the wake of this news but was met with resistance at $55 a share. Pat Gelsinger took the helm at Intel earlier this year and has already been making some serious systemic changes with the company. I’m not a buyer of INTC here but it is a company to keep an eye on.