Well, yes, but the passive being put on chip here is ferrite core inductors, which is a big deal, as it allows very large inductors needed for reasonably low frequency switching power supplies to be integrated.
The picture above is a comparison of the "big" discrete inductors and the wafer level micro-inductors they sit on.
The announcement is about the capability to incorporate magnetic alloy with wafer processing to make such MEMS inductors possible.
What are the engineering and design challenges in creating successful IoT devices? These devices are usually small, resource-constrained electronics designed to sense, collect, send, and/or interpret data. Some of the devices need to be smart enough to act upon data in real time, 24/7. Specifically the guests will discuss sensors, security, and lessons from IoT deployments.