John Locher / AP

As earlier reported by Axios, Intel is paying $15.3 billion to acquire Israeli computer vision company Mobileye in an effort to boost the chipmaker's position in the autonomous car market.

That makes it the biggest deal of the year, the largest ever for an Israeli company and Intel's second largest deal ever, according to S&P Global Market Intelligence.

Intel is tapping its foreign cash, paying $63.54 per share in cash for the company and said it should be immediately a boost to its per-share earnings; it is expected to close late this year.

Here's Intel CEO Brian Krzanich's letter to employees (PDF), as well as a missive from Mobileye (PDF) in which CEO Ziv Amnon says he and co-founder Amnon Shashua will continue to run the business.

Why it matters: After dominating the computer chip business in the PC era, Intel largely missed the smartphone revolution. In an effort not to miss the next wave, Intel has spent heavily to acquire companies in virtual reality, machine learning and, now, autonomous cars.

Meanwhile: Wouldn't want to be these guys. Vetr cut its rating on Mobileye – from buy to hold – just hours before news of the deal broke.

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Updated 2 mins ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

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25 mins ago - Health

Trump's testing czar: COVID surge "is real" and not just caused by more tests

Assistant Secretary of Health Adm. Brett Giroir, who leads the federal government's coronavirus testing response, pushed back on Wednesday against President Trump's continued claims that rising coronavirus cases are a product of increased testing.

The big picture: Every available piece of data shows that the pandemic is getting worse again across the country. Hospitalizations are on the rise — and some hospitals are warning that they could soon be overwhelmed — while 13 states set new highs last week for coronavirus infections recorded in a single day.

Cook Political Report moves Texas to "toss up" in presidential race

Photo: Brendan Smialowski/AFP via Getty Images

Cook Political Report moved Texas from "lean Republican" to "toss up" for the 2020 presidential race on Wednesday.

Why it matters: Texas, which has 38 electoral votes, hasn't backed a Democrat for president since 1976. A win for Biden in the historically red state would likely be a knockout blow against Trump.

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