Former Intel CEO Pat Gelsinger, who was ousted last year, set sky-high expectations for Intel’s manufacturing and AI capabilities among major clients but fell short, leading to the chipmaker losing or canceling contracts, Reuters reported previously.
Intel’s shares lost about 60% of their value last year as its capital-intensive bid to bolster manufacturing – a strategy championed by Gelsinger – strained the company’s cash flow and ultimately led to it cutting about 15% of its workforce