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Intel CEO Pat Gelsinger resigned after a contentious board meeting highlighted his failure to counter Nvidia's dominance. The nearly four-year tenure saw Intel's stock lose 52% year-to-date and market cap drop below $100 billion. Gelsinger's tenure included aggressive spending, government funding through the CHIPS Act, and a push for national security contracts. Investor confidence waned amid weak financial performance. Intel plans to restructure its foundry business while facing governance concerns and market challenges. Shares fell 2% after the announcement.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Intel CEO Pat Gelsinger resigned after a contentious board meeting
00:06highlighted his failure to counter NVIDIA's dominance.
00:08The nearly four-year tenure saw Intel's stock lose 52% year-to-date,
00:13and market cap drop below $100 billion.
00:15Gelsinger's tenure included aggressive spending, government funding through the CHIPS Act,
00:20and a push for national security contracts.
00:22Investor confidence waned amid weak financial performance.
00:25Intel plans to restructure its foundry business while facing governance concerns
00:29and market challenges. Shares fell 2% after the announcement.
00:33For all things money, visit Benzinga.com slash GSTV.

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