Under Gelsinger, Intel focused on semiconductor fabrication, pouring money into an effort to develop chips for other companies. In 2024, the Biden administration awarded Intel up to $8.5 billion in CHIPS and Science Act funding as part of a plan to bring chip manufacturing back to the U.S.
But Intel lost market share and got trounced by Nvidia in AI, prompting a massive selloff in its stock price. Intel's market cap plummeted by 60% in 2024, its worst performance in over five decades as a public company.
In December, Intel announced Gelsinger's retirement. Earlier this month, the company said Lip-Bu Tan, a former CEO of Cadence Design Systems, will take over as CEO.