Pat Gelsinger News

Also Read: Tesla CEO Elon Musk predicts AI will surpass human intelligence by 2026 Booming demand for AI services has sent tech companies scrambling for these so-called accelerator chips, but Nvidia has seen most of the benefit. Earlier versions of Gaudi failed to achieve the market share gains that Intel had been hoping for, Chief Executive Officer Pat Gelsinger has said. He expects the new model to have a bigger impact.

Intel on Tuesday disclosed deepening operating losses for its foundry business, a blow to the chipmaker as it tries to regain a technology lead it lost in recent years to Taiwan Semiconductor Manufacturing. Intel said the manufacturing unit had $7 billion in operating losses for 2023, a steeper loss than the $5.2 billion in operating losses the year before. The unit had revenue of $18.9 billion for 2023, down 31% from $27.49 billion the year before.

By Stephen Nellis

Two tech CEOs scrambling to produce more of the sophisticated chips needed for artificial intelligence have met for a brainstorming session while the market’s early leader reported another quarter of eye-popping growth

By Stephen Nellis and Max A. Cherney

TAIPEI (Reuters) — Terry Gou, the billionaire founder of major Apple (NASDAQ:AAPL) supplier Foxconn, made his first high profile appearance in months on Tuesday at the firm's 50th birthday, following the ending of his bid for Taiwan's presidency late last year.

Intel on Thursday forecast revenue for the first quarter that could miss market estimates by more than $2 billion, as it grapples with uncertain demand for its chips used in the traditional server and personal computer markets. Shares fell 10% in after-hours trading, setting the stock up for a roughly $20 billion fall in market value on Friday if the losses held. Intel stock gained 66% in the past year, as the PHLX Semiconductor Index rose 53%. In an interview, Chief Executive Officer Pat Gelsinger said that the company's core businesses of PCs and servers were hitting seasonal low demand at the same time as noncore businesses such as auto chip firm Mobileye.

By Steven Scheer

At its ‘AI Everywhere’ event in New York today, Intel (NASDAQ:INTC) unveiled a comprehensive portfolio of AI products.

Semiconductor supply chains in Asian countries such as India, China, Malaysia, Taiwan, Vietnam, and Indonesia are becoming more significant over time for Intel, the company’s chief executive officer Pat Gelsinger said. “With our footprints in Malaysia and the vast supply chains in China and Taiwan, and areas like Vietnam, Indonesia, and India are now becoming more significant. As these projects start coming online with their manufacturing capabilities, we will have a robust Americas supply chain, and robust supply chain in Europe and Asia,” Gelsinger said, responding to a question from ET.

market capitalization to more than $1 trillion. Intel Inc. does not want to be left behind in the AI race, as was evident during the Intel Innovation 2023 event that began on 19 September in San Jose, California.

Intel chip due in December will be able to run a generative artificial intelligence chatbot on a laptop rather than having to tap into cloud data centers for computing power, the company said on Tuesday. The capability, which Intel showed off during a software developer conference held in Silicon Valley, could let businesses and consumers test ChatGPT-style technologies without sending sensitive data off their own computer. It is made possible by new AI data-crunching features built into Intel's forthcoming «Meteor Lake» laptop chip and from new software tools the company is releasing.

(Reuters) -United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become «uninvestible», pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy.

Intel Corp scrapped its $5.4 billion deal to buy Israeli contract chipmaker Tower Semiconductor Ltd after their merger agreement expired without regulatory approval from China. US-listed shares of the Israeli company fell about 11% in premarket trading. Intel, which had decided to buy Tower last year, will pay a termination fee of $353 million to the latter, the company said in a statement.

Intel Corp will walk away from its $5.4 billion deal to acquire Israeli contract chipmaker Tower Semiconductor Ltd once the companies' contract expires later on Tuesday, according to people familiar with the matter. Intel, which signed the deal to buy Tower in February 2022, did not secure approval from Chinese regulators for the acquisition as required under its contract with the Israeli firm, the sources said.

semiconductor subsidy funding in a bid to boost the country's competitiveness with China's science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden's signing of the landmark «Chips for America» legislation providing $52.7 billion in subsidies for US semiconductor production, research and workforce development.

China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season:Procter & Gamble: The Tide detergent maker reported an overall volumes fall of 1% in its fourth quarter, mainly due to weaker demand in the Greater China region. Intel: «The China market, I think, has been well reported, hasn't come back as strongly as people would have expected overall,» said Intel CEO Pat Gelsinger.AbbVie Inc The Botox maker said it has seen rates for aesthetics treatments in China fully recover to pre-COVID levels and continues to anticipate strong growth through the rest of the year in the country.Mastercard Inbound cross-border travel to China stood at nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said.Anglo American The global miner said it has been surprised by how slow the reopening of China has been but believed a recovery was underway.L'Oreal The Chinese market is «really picking up,» although «not at the speed everybody had hoped for,» L'Oreal CEO Nicolas Hieronimus told Reuters.Mobileye Global Saw weak demand for its driver-assistance technology in China.Coca-Cola The company saw strong demand for some juice business in China but also flagged destocking activity in the second quarter.Seagate The computer hardware maker said its fourth-quarter Technology performance was impacted due to the uneven pace of the Chinese economic recovery.LG Energy Company warned it faces weaker EV demand in China than Solution previously expected.Thermo Fisher The company witnessed significantly slower economic activity Scientific in China during the second quarter.

(Reuters) — Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown.

Intel (NASDAQ:INTC) stock surged more than 7% in pre-market Friday after the company reported Q2 results and offered a more positive-than-expected outlook for this quarter.

Intel CEO Pat Gelsinger said that the company plans to «build AI into every product that we build». Intel will launch Meteor Lake later this year, its first consumer chip with a built-in neural processor for machine learning tasks, according to The Verge. At Microsoft's Build 2023 conference, the company announced the collaboration with Microsoft to drive the development of AI on personal computing, and previewed AI-enabled capabilities of its Meteor Lake client PC processors.

Intel on Thursday posted a surprise quarterly profit as a PC market slump started to ease, and forecast third-quarter earnings above Wall Street expectations, sending its shares up about 6%. The market for personal computers has tumbled over the past year, with inventory piling up because consumers had already bought machines needed during the pandemic.