regain its footing in the chip industry, introduced new PC processors and graphics semiconductors, as well as software that makes it easier to use the company’s technology.
CEO Pat Gelsinger is trying to restore Intel to its former dominance, and the Innovate presentation is part of that. The chip maker had hosted a well-attended product showcase called the Intel Developer Forum until 2017, when then-CEO Brian Krzanich scrapped the event. Now Gelsinger, in his second year at the helm, is bringing the stage show back.
The stakes are high. Intel lost its status as the world’s largest chip maker in recent years and fell behind rivals in manufacturing prowess. Gelsinger, a long-time Intel executive who left to run VMware for more than a decade, returned to the company in 2021 to orchestrate a turnaround. Gelsinger’s challenge: getting the industry to follow Intel’s lead without first proving that its products are the best again. He also faces a slump in demand for PCs, the biggest end market for Intel’s products. And the stock has fallen 48% in 2022, underperforming its peers during a bleak year for the overall chip industry.