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Despite Intel's recent woes, I didn't expect to see CEO Pat Gelsinger joining 15,000 or so of his colleagues being shown the door. Gelsinger is a storied engineer and business success who laid down an exhaustive rescue plan when he took the helm of the beleaguered chipmaker in 2021. It was never going to be a quick fix, given the company's long legacy of missteps. Gelsinger may be the public face of Intel's current malaise, but the problems started long before his tenure and will likely keep going.
How Intel got here
Gelsinger was tasked with addressing almost two decades' worth of bad decisions, all of which have compounded. Intel became an industry-swallowing behemoth as one half of the Wintel alliance, producing chips that went hand-in-glove with Microsoft Windows. The vast profits that flowed from this partnership meant there was an institutional reluctance to look too hard at new business ventures that could distract from its golden goose, still going strong all these years later.
In 2005, then-CEO Paul Ottellini turned down the chance to make the iPhone's system-on-chip. It would have been easy for Intel, since it already made XScale ARM chips for mobile devices. You could find an Intel ARM chip inside popular phones like the BlackBerry Pearl 8100 and Palm Treo 650. A year later, it would sell XScale to Marvell, believing it would be able to shrink its x86 chips to work on smartphones. The
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Intel's stock price has seen better days, but Pat Gelsinger has also led the company through numerous scandals involving its latest processors.
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