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A change at the top after a tumultuous year was cheered by investors as Intel shares rose as much as 6% following the news, before it closed down 0.5% on Monday.
The shares have slumped more than 50% this year as it loses out on an AI-fueled rally in chipmaking peers. Nvidia has become the second most-valuable company in 2024, while Intel’s market capitalization dropped below $100 billion for the first time in 30 years.
Intel struggled under Gelsinger as his plan to increase focus on its money-losing contract manufacturing business hurt cash flow.
Despite the spending spree, it failed to keep up with peers in an AI race and trailed Taiwan’s TSMC in chip manufacturing.
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The company had also missed out on an investment in AI juggernaut OpenAI, while Gelsinger’s comments on Taiwan cost Intel its discounted chipmaking deal with TSMC.
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Intel’s revenue shrank to $54 billion in 2023, down nearly one-third from the year Gelsinger took over. Wall Street’s earnings expectations for the company too have fallen sharply, giving the stock an elevated forward price-to-earnings ratio – a benchmark for valuing stocks.
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