According to CNN Money, Intel's CEO has said the company is working on a low-power chip designed for portable devices that will compete with Apple's iPhone. CEO Paul Otellini told analysts and investors at Morgan Stanley's Technology Conference that the new chip will meet the "demanding power, space and performance requirements of handheld devices" and will be available later this year.

In the webcast of his presentation Otellini said, "Virtually every computer and handset manufacturer is struggling to figure out how they're going to compete with Apple's iPhone. If we get the power and performance [of the Intel chip] right, it's going to be a killer combination."

Isn't it amazing that everyone is trying to compete with Apple and their phone isn't even out yet? Interesting.