Does an internship automatically waive my summer requirements?

No, you will need to petition the university if you wish to waive your summer requirements. You can find the Summer Enrollment Requirement Waiver form in the files section in your EVE Advising course.  You will need to attach a letter from the company to your petition.  The letter needs to be on company letterhead, state briefly what you did and mention that you completed a full-time summer internship with their company.  Bring this completed form and your company letter to your Academic Advisor who will complete the Interviewing Officer portion of the form.