Whereas current rumors had recommended that Qualcomm was considering an acquisition of Intel, that prospect seems to have cooled. When requested concerning the potential deal on November twentieth, Qualcomm CEO Cristiano Amon said the corporate has “not recognized any massive acquisition that’s crucial.”
Following reports of points affecting Intel’s next-generation 18A chipmaking course of, Gelsinger introduced in September that Intel would spin off its chipmaking business right into a separate firm whereas additionally pausing building on the semiconductor factories it’s constructing in Poland and Germany. Intel not too long ago obtained nearly $8 billion in CHIPS and Science Act funding to construct factories in Arizona, New Mexico, Ohio, and Oregon.
Throughout a 2022 interview with Decoder, Gelsinger mentioned, “Not solely do we have now to rebuild the inner tradition and execution, however we additionally need to rebuild our buyer’s confidence.” Intel has continued to wrestle since Gelsinger’s return. Earlier this yr, Intel revealed that its chipmaking business had $7 billion in working losses in 2023, and the corporate determined to put off over 15,000 staff in August as a part of its plan to chop $10 billion in prices.
With Gelsinger out, Intel’s chief monetary officer, David Zinsner, and Intel Merchandise CEO, Michelle Johnston Holthaus, will quickly function co-CEOs whereas the board searches for a brand new chief. Frank Yeary, an unbiased chair on Intel’s board, will tackle the position of interim government chair.
“Main Intel has been the distinction of my lifetime — this group of individuals is among the many finest and the brightest within the enterprise, and I’m honored to name each one a colleague,” Gelsinger mentioned within the press launch. “As we speak is, in fact, bittersweet as this firm has been my life for the majority of my working profession. I can look again with delight in any respect that we have now completed collectively. It has been a difficult yr for all of us as we have now made powerful however crucial selections to place Intel for the present market dynamics.”
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