World’s biggest chip maker qualms tech market fears: Intel reported solid first-quarter results in the face of a weak U.S. economy. The company reported revenue was up 9 percent to $9.7 billion in the quarter ended March 31 while net income was $1.4 billion, down 12 percent due to a write-down but in line with expectations. Some growth is coming from strong server-chip sales as Google and others build massive data centers for cloud computing, said Paul Otellini, Intel’s CEO. Second-quarter guidance exceeded analysts’ expectations. About 80 percent of the chip company’s sales are overseas, which explains the strong growth despite a U.S. recession. Intel is pounding its rival Advanced Micro Devices, which is laying off 10 percent of its work force. AMD reports earnings on Thursday. Flash memory prices were down again, hurting Intel’s margins. The chip giant is selling its NOR flash memory business to a joint venture, dubbed Numonyx, with ST Microelectronics. Intel’s stock rose 8 percent in after-hours trading.

Codexis files for IPO: Biotech company Codexis hopes to raise $100 million in an IPO. The Redwood City, Calif., company sells catalysts used in chemical manufacturing and other processes. It also makes biofuels. Contractors use the Codexis catalysts to make ingredients for drug companiesl. In 2007, Codexis lost $39 million on sales of $25.3 million. The company has raised $72 million from investors including Shell Oil, Bio-One Capital, CMEA Ventures, Pequot Ventures, Chevron Technology Ventures and Maxygen. Credit Suisse Group, Goldman Sachs & Co., Piper Jaffray Co., RBC Capital Markets and Thomas Weisel Partners LLC are the underwriters for the offering.

Cell phone companies support LTE: Big wireless equipment makers threw their support behind a high-speed wireless Internet and cell phone technology known as LTE, or long-term evolution. Nokia, Alcatel-Lucent, Ericsson, and NEC agreed to limit royalty fees charged for patents related to LTE. The wireless network is one of the primary competitors to the WiMax wireless Internet technology supported by Intel and others. The LTE networks will be built by carriers such as Vodaphone Group, AT&T and Verizon in the coming years as they promise to deliver fast web-browsing over mobile gadgets.

Tesla drives into litigation: Electric sports car maker has filed a lawsuit against rival electric-car maker Fisker Automotive. Tesla alleged that the designers at Fisker misappropriated trade secrets after they designed the body and interior of Tesla’s car and then announced they planned to create their own vehicle. On top of that, Tesla is also being sued for failing to pay a transmission supplier. Magna Powertrain sued Tesla for failing to pay Magna for its work to design a two-speed transmission for the Tesla Roadster. Magna is seeking $5.6 million.

Peter Gabriel backs new music discovery site: TechCrunch reports the rock star is backing a digital music company dubbed The Filter. The site is a meta-recommendation engine for movies, music, and web video. Recommendations on the site’s home page change daily and there are RSS feeds to music and movies. The site is in a closed beta at the moment.

Porn action: AdultVest Inc., the Beverly Hills, Calif.-based investment bank that focuses on the adult industry, said in a statement that it has acquired The company said it has very big plans for iPorn and the acquisition is a “natural fit.” AdultVest said it has other expansion plans on the way. We’ll leave that one alone.

MySpace shoots for global expansion: News Corp.’s MySpace plans a big expansion overseas to help boost revenue and profits in coming years. Travis Katz, senior vice president of MySpace’s international business, said the company plans expansions overseas. The company launched its Korean-language site on Tuesday.

Hearst Magazines teams up with Spleak network: The publisher, whose magazines including CosmoGirl, Seventeen and Teen, will now distribute its content to sites like Facebook and AIM through Spleak’s platform, which combines traditional media with user generated content. Mashable has more details.