Tan, Most recently the CEO of Cadence Design Systems, he participates in Intel – and returns to the Board of Directors – at an interesting moment in the history of Silicon Valley Company. Intel has seen the fair share of the carpets in recent years – to put it gently.
When Gelsinger took the helm in February 2021, Intel had already competed and fell far behind its peers in the semiconductor race. At that time, the company was probably still unfolding from losing the revolution of smartphone except for mistakes when it came to chip construction.
It was also an interesting moment for the semiconductor industry in general. The sector had seen many recent consolidations in late 2020, including AMD gaining Xilink for $ 35 billion and analogue Maxim purchases for $ 21 billion, among others.
So how was Gelsinger’s most recent term in Intel? Let’s take a look.
Gelsinger got the right to work when he started. Announced a modernization plan for the company, Named IDMor built -in devices. The first part of the target was a $ 20 billion investment to build two new chip production facilities in Arizona, with plans to boost chip production in the US and beyond.
In 2022, the company announced the second part of this IDM project, which included a triple approach to the manufacture of chips: Intel Fabs, third -party manufacturers and the construction of the company’s foundry services. As part of this project, the company announced that it will acquire the Semiconductor Tower for $ 5.4 billion to help build Intel’s Custom Foundry services.
This agreement fell, however, after facing regulatory obstacles. It was canceled in the summer of 2023. At that time, TechCrunch said that the non -passing merger would have a serious impact on the company’s modernization plans. In September 2024, Intel took steps to transition the Chip Foundry, Intel Foundry, into an independent subsidiary.
The time leading to Gelsinger’s retirement was particularly hectic for Intel. The company’s shares decreased about 50% since the beginning of 2024 on Gelsinger’s departure in December. Intel has announced plans to dismiss 15% of its workforce, about 15,000 people in August after sad results in the second quarter. At that time, Gelsinger said the company had struggled to benefit from the AI explosion in the same way that its opponents had and that despite its fall, Intel was overgrown.
At the time of Gelsinger’s departure, the company delayed the start of the Ohio Chip plant – again – and decided not to bring the Falcon Shores AI market.
But as Tan It takes the lead, things may start to head in the right direction. Intel has completed an agreement with the US Department of Commerce to receive a grant of $ 7,865 billion on domestic semiconductor production through the US and USA science law. Intel has already received $ 2.2 billion from this grant money, according to the fourth quarter’s profits. The company was also able to score a victory when it comes to the popularity of the Arc B580 graphics card, which was exhausted after Positive early reviews.
