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Intel CEO Pat Gelsinger to pitch board on plans to shed assets, cut costs
Economic Times
·
12m ago
Medial
Intel CEO Pat Gelsinger is set to present a plan to the company's board of directors for restructuring and cost-cutting measures. The plan includes selling off unnecessary businesses such as its programmable chip unit Altera, in order to reduce costs and revive the struggling chipmaker's fortunes. The proposal does not currently include plans to sell off Intel's contract manufacturing operation. The company is also considering pausing or halting its $32 billion factory project in Germany. Intel has hired Morgan Stanley and Goldman Sachs to advise on potential sales. The board meeting in mid-September will play a crucial role in determining Intel's future direction.
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Intel names two chip industry veterans to its board amid CEO search
Economic Times
·
8m ago
Medial
Intel has announced the appointment of Eric Meurice, former CEO of ASML, and Steve Sanghi, interim CEO of Microchip Technology, to its board as it searches for a new CEO. The struggling semiconductor company has fallen behind competitors like Nvidia and TSMC in advanced chipmaking. The previous CEO, Pat Gelsinger, was removed from his position and Intel is now evaluating external candidates, including former board member Lip-Bu Tan, for the CEO role. Both Meurice and Sanghi have prior experience working at Intel. The company's next CEO will need expertise in manufacturing and product development.
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Intel CEO Pat Gelsinger retires from struggling chipmaker
Economic Times
·
9m ago
Medial
Intel announced that CEO Pat Gelsinger will retire from the company on December 1. In the meantime, CFO David Zinsner and senior executive Michelle Johnston Holthaus will serve as interim co-CEOs. Intel's board will commence the search for a permanent CEO. As a result of this news, the company's shares saw a near 3% increase in premarket trading.
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New Intel CEO Lip-Bu Tan will pick up where Pat Gelsinger left off
Arstechnica
·
5m ago
Medial
Intel has appointed Lip-Bu Tan as the new CEO, replacing Pat Gelsinger after his ousting due to financial losses and restructuring moves. Tan, previously on Intel's board, will start on March 18, continuing the plan to transform Intel into a chip foundry competing with giants like TSMC. The company faces challenges, including an $18.76 billion loss in 2024 and reliance on the US government's CHIPS Act for funding its revival strategy.
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Intel manufacturing business will see 'meaningful' revenue in 2027: CFO
Economic Times
·
11m ago
Medial
Intel's CFO, David Zinsner, announced that the company expects significant revenue from its contract chip manufacturing business starting in 2027. Intel is currently in discussions with 12 potential clients, with some expected to generate revenue in 2026 and additional cash flow in 2027. The company is prioritizing its more advanced 18A manufacturing process over the 20A process and is already generating revenue from its advanced packaging business. Intel is undergoing a turnaround plan, including business divestments and a workforce reduction, with CEO Pat Gelsinger set to present plans to the board in mid-September. The company is also considering options as it prepares to cut or keep certain aspects of its operations. Funding from the U.S. CHIPS Act is not expected to impact Intel's financials until the end of the year.
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Struggling Intel names industry veteran Lip-Bu Tan as CEO
Economic Times
·
5m ago
Medial
Intel has appointed industry veteran Lip-Bu Tan as the new CEO to steer the company through its struggles in the AI chip market. Tan, replacing the ousted Pat Gelsinger, emphasizes an engineering-focused approach to rebuild Intel's standing. Despite challenges from rivals like TSMC, Samsung, and Nvidia, Intel plans to take calculated risks to regain a competitive edge. The announcement has positively impacted Intel's shares, reflecting market optimism about Tan's leadership.
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Intel board member quit after differences over chipmaker's revival plan
Economic Times
·
1y ago
Medial
The recent resignation of a board member at Intel was reportedly due to differences with CEO Pat Gelsinger and other directors over issues such as the company's bloated workforce, risk-averse culture, and lagging artificial intelligence strategy. Lip-Bu Tan, a semiconductor industry veteran, had joined the board two years ago to help restore Intel's position as a leading chipmaker. However, he grew frustrated with the company's large workforce and bureaucratic culture. Tan's departure highlights the challenges faced by Intel as it undergoes a turnaround effort in the midst of a difficult period for the company.
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Snowcap Compute raises $23 million for superconducting AI chips
Economic Times
·
2m ago
Medial
Snowcap Compute, a startup developing AI computing chips with superconducting technology, secured $23 million in funding and announced that former Intel CEO Pat Gelsinger will join its board. The company aims to create more efficient chips using superconductors to reduce electricity consumption significantly. Despite the challenge of cooling these chips, Snowcap asserts that they can outperform current technologies in performance per watt. The funding round also included Cambium Capital and Vsquared Ventures.
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Intel is taking another of ASML's High NA tools, says CEO
Economic Times
·
1y ago
Medial
Intel has confirmed that it is receiving the second of ASML's new High NA EUV tools, which are anticipated to enhance the development of more powerful computer chips. The tools, which cost €350 million ($383 million) each, take several months to install. This is a positive sign of Intel's technology investments, said CEO Pat Gelsinger. ASML, the largest supplier of equipment to chipmakers, has shipped more than a dozen High NA machines to leading chipmakers such as TSMC, Samsung, Intel, SK Hynix, and Micron. Intel plans to use the technology in commercial production by 2027.
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Intel exploring division split, M&A to cope with historic slump
Economic Times
·
1y ago
Medial
Intel Corp is reportedly considering various scenarios, with the assistance of investment bankers, including a potential split of its design and manufacturing businesses. The discussions come as the company faces a challenging period and explores options to revive its fortunes. Investment banks Morgan Stanley and Goldman Sachs are said to be advising Intel on potential strategies, which may also involve M&A activities. While no major moves are imminent, the options are expected to be presented during a board meeting in September. Intel CEO Pat Gelsinger has previously viewed the company's foundry division as crucial to its comeback, but a separation or sale of this unit is now being considered.
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India's industries must foray into cutting-edge tech to attract more chip fabrication units: Intel's Christoph Schell
Economic Times
·
1y ago
Medial
Intel's CEO, Pat Gelsinger, stated that semiconductor supply chains in Asian countries such as India, China, Malaysia, Taiwan, Vietnam, and Indonesia are becoming increasingly significant for the company. Intel aims to have semiconductor fabrication or packaging and manufacturing units in these regions. However, Intel isn't planning to set up a semiconductor fabrication unit in India in the near future. Intel plans to invest over $100 billion in its semiconductor capacities in the US over the next five years. Christoph Schell, Intel's Chief Commercial Officer, emphasized the importance of local industries adopting cutting-edge technologies to attract semiconductor fabrication units to India.
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