New York (CNN Business) While much of Silicon Valley readies its smartphone technology for 5G networks, Intel is getting out of the business.

Intel INTC announced Tuesday that it will no longer make 5G modems for smartphones. Instead it plans to determine whether it should make 4G and 5G modems for PCs and other internet-connected devices.

Bob Swan, Intel's CEO, said in a news release that there was "no clear path to profitability and positive returns" for the smartphone modem business.

"5G continues to be a strategic priority across Intel, and our team has developed a valuable portfolio of wireless products and intellectual property," Swan said. "We are assessing our options to realize the value we have created, including the opportunities in a wide variety of data-centric platforms and devices in a 5G world."

The company said it will keep its investment in its 5G infrastructure business.