Qualcomm AI Chip Head Departs To Lead Michigan-Based AI Chip Startup

Qualcomm Inc QCOM executive Keith Kressin, who was supervising artificial intelligence chip development, has departed to become the CEO of MemryX, Reuters reports.
MemryX, founded in 2019 by University of Michigan professors, is working on its second generation of a chip aimed at helping cameras in cars and factory robots recognize objects, a field called computer vision.
Kressin chose MemryX, which has only 30 employees, because he believes the startup solves a fundamental problem in making artificial intelligence work in the real world.
MemryX said Lu, the co-founder who served as CEO previously, will remain Chairman of the board and become CTO.
Kressin relocated from Qualcomm's home in San Diego, California, to MemryX's headquarters in Ann Arbor, Michigan.
The startup aims to cultivate customers among carmakers, who are rapidly adding chips to vehicles.
MemryX aims to offer a chip that does not need hand-tuning.
Price Action: QCOM shares traded lower by 0.42% at $182.95 in the market session on the last check Wednesday.