https://finance.yahoo.com/news/biden-made-disastrous-bet-wrong-180000890.html
Biden has made a disastrous bet on the wrong horse
Intel has lost more than half of its value since Pat Gelsinger became chief executive - Annabelle Chih/Bloomberg
Pat Gelsinger, the CEO of Intel, has claimed that the semiconductor company was months away from collapse before he took charge. According to him, the Silicon Valley icon that brought the microchip into the mainstream was ready to be sold off for parts and give up on innovation.
Since Gelsinger became Intel's CEO three years ago, the company has avoided that fate, but the reality has not been much better. On Thursday, Intel announced plans to cut 15,000 jobs – almost a sixth of its global workforce – and suspend its shareholder dividend. It slashed investment forecasts and reported a $1.6 billion loss.
Intel, which has spent most of its six-decade history at the cutting-edge of chip design, is losing ground in key markets such as the servers that sit inside today's cavernous data centers, while its traditional PC business is in longer-term decline. This comes despite the Biden administration lavishing subsidies on the company, which has become the single biggest beneficiary of the Chips Act, the US president's $280 billion plan to counter China.
On Friday, Intel's shares fell by 26%, the company's biggest one-day slump ever. Its market value fell below $100 billion for the first time in 15 years. The company has lost more than half of its value since the start of 2021, when Gelsinger was hired.
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Intel problem started when they installed Ah neh as Chief engineer operation officer
