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How the Chips Fall

1440 Daily Digest


Intel CEO Pat Gelsinger has abruptly retired, ending a nearly four-year term after a reported ouster by the chipmaker's board. Two high-level Intel executives will serve as interim co-CEOs while the board seeks a permanent replacement.


The shake-up comes as Intel's stock has dropped roughly 57% since 2020, bringing its market cap to $103B. Founded in 1968, Intel led the semiconductor chip industry for decades and currently powers roughly 78% of personal computers (see how chips are made). However, analysts say the company missed two trends: the pivot to mobile in the mid-2000s and the more recent AI chip boom.


Gelsinger was tasked with turning Intel's business around, helping the company win government investment, and seeking to manufacture chips for competitors. But in October, Intel posted a roughly $16B quarterly loss—the worst performance in its history—amid challenges, including production delays and competition from AI chip giant Nvidia. Meanwhile, Nvidia replaced Intel in the Dow and became the world’s second-most valuable company at $3.4T. 

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