Intel used to dominate the U.S. chip industry. Now it's struggling to stay relevant. [MSNBC.com]
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Source: MSNBC.com
Intel’s long-awaited turnaround looks farther away than ever after the company reporteddismal first-quarter earningsAlthough Intel’s revenue is no longer shrinking and the company remains the biggest maker of processors that power PCs and laptops, sales in the first quarter trailed estimates. Intel also gave a soft forecast for the second quarter, suggesting weak demand.It was a tough showing for CEO Pat Gelsinger, who’s early in his fourth year at the helm.But Intel’s problems are decades in the making.Before Gelsinger returned to the company in 2021, the company, once synonymous with “Silicon Valley,” had lost its edge in semiconductor manufacturing to overseas rivals likeTaiwan Semiconductor Manufacturing Co“Job number one was to accelerate our efforts to close the technology gap that was created by over a decade of underinvestment,” Gelsinger told investors on Thursday. He said the company is still on track to catch up by 2026.Investors remain skeptical. Intel is the worst-perform
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