Gelsinger's plans to revitalize Intel, including building more factories and designing a line of AI chips named Gaudi to compete with Nvidia, have been expensive and yielded poor results. The company is set to miss its target of $500 million in 2024 sales for Gaudi 3 due to software-related issues. Meanwhile, Marvell's stock has risen 59% this year, and the company has seen strong demand for its artificial intelligence chips.
Key takeaways:
- Intel is reportedly considering Lip-Bu Tan, a former board member, and Matt Murphy, CEO of Marvell Technology, as potential candidates for its CEO position following Pat Gelsinger's abrupt retirement.
- Gelsinger's departure comes after Intel's struggles in the global chip market, including a nearly 50% drop in share price, billions in losses, and sweeping layoffs.
- Both Tan and Murphy have extensive experience in the semiconductor industry. Tan served on Intel's board and Murphy is the CEO of Marvell, a semiconductor manufacturer.
- Intel's board gave Gelsinger the option to retire or step down after disagreements over his plan to compete with rival chipmaker Nvidia, including the design of Intel's own line of AI chips, named Gaudi.