Intel CEO Pat Gelsinger Steps Down Amid Chipmaker’s Struggles
Published On Dec 2, 2024, 9:33 AM
Pat Gelsinger has stepped down as CEO of Intel after nearly four years, a move that comes amid significant challenges for the company, including a major increase in quarterly losses and reduced government funding through the CHIPS Act. Following the announcement, Intel's shares rose approximately 5% in premarket trading. The company is currently seeking permanent replacements for its leadership, following a series of poor financial performances and a significant decline in market share.
Stock Forecasts
INTC
Positive
The departure of Gelsinger may signal a pivotal shift for Intel as investors look for new leadership to address ongoing issues. The initial rise in stock price indicates a potential positive sentiment around the leadership change, as stakeholders hope for a turnaround in the company’s fortunes amidst ongoing struggles in the AI sector and a significant financial loss.
Related News
Stock market today: Dow, S&P 500 hold near record highs to kick off final month of banner 2024
Dec 2, 2024, 9:06 AM
Investors are looking ahead to a week of labor data that could influence the scope of interest-rate cuts.
Biden Cuts Intel’s Chip Award by More Than $600 Million
Nov 26, 2024, 5:04 AM
The Silicon Valley company will receive less money from the CHIPS Act after winning a $3 billion military contract and changing some of its investment commitments.
Washington Curtails Intel’s Chip Grant After Company Stumbles
Nov 24, 2024, 7:59 PM
The Biden administration is reducing its award to the pioneering chip maker to less than $8 billion, from $8.5 billion.