当英特尔在2017年左右失去对台积电(TSM.US)的制造优势时，其“不够完美”的设计选择最终暴露无遗，每位员工的收入也低于竞争对手英伟达(NVDA.US)、博通(AVGO.US)、台积电、AMD(AMD.US)和GlobalFoundries(GFS.US)。斯坦认为，基辛格试图做太多事情，却没有明确解决最棘手的问题：文化。Recently, intel announced that its CEO Pat Gelsinger will resign from his leadership position, a change that has sparked widespread attention in the investment community.
According to Zhituo Finance APP, intel (INTC.US) recently announced that its CEO Pat Gelsinger will resign from his leadership position, drawing significant attention from the investment community. Many analysts believe this move signifies that intel is about to undergo a 'complete transformation.' Truist analyst William Stein pointed out in a report that, although Gelsinger's performance during his tenure was not as strong as that of his predecessors, he did push for some significant changes, although they were not implemented quickly or broadly enough. The challenges facing intel date back decades, with its 'culture of power' causing the company to miss major technological shifts like mobile computing and ai, now facing fierce competition from rivals like nvidia and AMD. In addition, the restrictions of the CHIPS Investment Plan Act in the usa may also impact intel's future. Nevertheless, Mizuho analyst Vijay Lakshmi believes that the new leadership could bring a new vision for intel, although the company still faces many challenges.
Looking back at Gelsinger's tenure, intel's stock price failed to exceed the phlx semiconductor index under any CEO, only outperforming the s&p 500 index during Brian Krzanich's leadership. Truist analyst Stein noted that intel has maintained its strength in manufacturing, but this dominance has also created a 'culture of power' that prevented the company from keeping pace with major technological changes.
When intel lost its manufacturing edge to taiwan semiconductor (TSM.US) around 2017, its 'less than perfect' design choices were ultimately exposed, and the income of each employee fell short compared to competitors nvidia (NVDA.US), broadcom (AVGO.US), taiwan semiconductor, AMD (AMD.US), and GlobalFoundries (GFS.US). Stein believes that Gelsinger tried to do too much but did not clearly address the biggest challenge: culture.
In addition to internal issues, intel may also be constrained by restrictions from the CHIPS Investment Plan Act in the usa. The Biden administration ultimately decided to provide the company with $7.86 billion in grants to promote domestic manufacturing, but one of the provisions prohibits intel from selling its foundry services division and forces it to maintain control.
Seeking Alpha analyst Michael Delmont believes this may be one of the reasons leading to Gelsinger's 'forced retirement.' Delmont added that the board of directors has lost confidence in Gelsinger's ability to turn intel's fortunes around.
Despite facing many challenges, Mizuho analyst Lakshmi believes that the new leadership could bring new opportunities for intel. He pointed out that intel is far behind nvidia and AMD in adopting ai servers, with its server CPU market share being eroded by AMD, its foundry business just starting up, and issues in ai growth persist. However, even with these challenges, intel remains a key player in the traditional PC/server market. Lakshmi maintains a 'neutral' rating on intel with a target price of $23.
