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.

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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.

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