🎧 Listen: In today’s episode of The Journal podcast, asafitch breaks down why Intel is no longer the tech industry titan it once was and the hurdles facing the chip maker’s comeback plan
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Speaker 5: Meet the Google Pixel 7 and Pixel 7 Pro, smartphones built by Google and designed around you. Jessica Mendoza: For decades, Intel was considered a titan in the tech industry. It was one of the big companies that helped drive the wide use of personal computers. But in recent years it's been struggling. Its CEO has even said that the company is in a, "mud hole."
Asa Fitch: Exactly. I would say in the popular imagination that's where they come up, pretty much. And that's accurate. I mean, that's sort of an accurate reflection of what their bread and butter is. It's these chips that are at the heart of perhaps the computer that you're working on now. Asa Fitch: One way some people look at it is it's sort of a tortoise and the hare story. Intel tried to jump out ahead and was unsuccessful while its rivals were a bit slower and more methodical in the way they advanced in chip making, and they ultimately caught up and surpassed Intel.
Asa Fitch: They have produced chips before, but they haven't really done it for outsiders. And for them, that's like a big cultural problem. They haven't been a service business in the past and being a contract chip maker is a service business. So they're putting all their chips on the table, if you will.
Asa Fitch: They have a goal of becoming the world's second-largest contract chip maker by 2030. And in order to do that, Intel really needs to attract the biggest customers of those contract chip manufacturers. Jessica Mendoza: Gelsinger worked at Intel for 30 years and became its first Chief Technology Officer. He also designed a processor that became one of the company's most successful products. Gelsinger left Intel for about a decade and then in 2021 he returned to run the company.
Jessica Mendoza: Right now, Intel has plans to build a facility in Ohio that could cost as much as $100 billion, another of a similar scale in Arizona, and potentially a factory in Europe. But its ambitions are sometimes running up against hard economic realities. Even though the long-term outlook for chips is strong, there's currently an oversupply in the market, and that's cutting into industry profits. In April intel posted the worst quarterly loss in its history.
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