Intel to open development center for smart devices in Shenzhen

Intel Corp is building its first global development center for smart devices in Shenzhen, the world's largest consumer electronics manufacturing hub, as its chief executive looks for profit growth from mobile devices in a post-personal computer era.

The US chipmaker is also starting a $100 million fund in China to encourage startups in the mobile sector, CEO Brian Krzanich, appointed to the post in May 2013, said on Wednesday. Intel is targeting 40 million tablet chip shipments in 2014 compared with 10 million last year.

"We have missed the tablet, but we will grab future trends, including wearable devices and the Internet of Things," Krzanich said.