Intel Tumbles After New CEO Recommits to Chip Manufacturing
- Gelsinger says most 2023 chips will be made in Intel factories
- CFO sees strong laptop demand persisting in first half of 2021
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Intel Corp. shares tumbled after the incoming chief executive officer pledged to regain the company’s lead in chip manufacturing, countering growing calls from some investors to shed that part of its business.
“I am confident that the majority of our 2023 products will be manufactured internally,” Pat Gelsinger said on a conference call to discuss financial results. “At the same time, given the breadth of our portfolio, it’s likely that we will expand our use of external foundries for certain technologies and products.”