Intel, a fallen silicon valley icon is trying to restore its reputation as the US’s most prominent semiconductor company, has named an experienced business and technology leader, lip-bo tan as its new Chief Executive.
Sri Tan, 65, will be responsible for reviving the fate of a chip making company that has fallen from grace. Once, one of the most famous names in technology, the semiconductor veteran has been fond of failure to innovate in recent years to innovate with his struggles and for chips used in smartphones and artificial intelligence.
Intel’s problems became so clear that last year it excluded its Chief Executive Officer Patrick Gelinger and cut 15,000 jobs. The company’s share price has fallen by 54 percent in the last one year.
The company’s crises have worried the US government, where MPs have tried to rebuild the chips industry, when the epidemic created a global deficiency, forcing American auto factories to shutter. Under the Chips Act, an bipartished law, Intel was awarded $ 8.5 billion in federal funding for the manufacture of plants in Arizona, Ohio and New Mexico. But its commercial challenges have questioned the ability to complete those projects.
Earlier this year, the Trump administration began a meeting with Intel’s leadership of how to restore its business, one of the final in the country’s advanced semiconductor manufacturing. A proposal was that the world’s largest chipmaker Taiwan semiconductor manufacturing company was Taiwan Semiconductor Manufacturing Company, which considers the operation for Intel’s sick manufacturing business. Intel President Frank EAUE, open to that idea, New York Times has earlier reported.
Now, it will depend on Mr. Tan to direct Intel’s future. The company is one of the last of the world that still makes both designs and semiconductors. Earlier, members of the board and other people of the industry are calling the company to separate those businesses.
Investors reacted positively to Mr. Tan’s appointment, making Intel’s share price more than 11 percent in aftermarket trading.
Sri Tan has a long history as an investor in Silicon Valley, one of the few, which kept investing in semiconductor and tech hardware start-ups, when most other enterprise capitalists chose less risky investment in software and internet services. While running the venture capital firm Walden International, he gave a long term as the chief executive of the rhythm design system, one of the two major manufacturers of the software used in the designing chips.
They are widely credited for turning around the company, which now has a market price of more than $ 65 billion.
Mr. Tan maintains an active role in many small and midsize tech hardware companies. She was named Executive Chairman of Samanova Systems last May, who was a company competing with the world’s leading developer Nvidia of Artificial Intelligence Chips. He is also the creator of Communications Chips, Chairman of Rado Technology Group Holding.
In recent years, Mr. Tan has faced criticism for Chinese artificial intelligence and his investment in semiconductor companies. A Congress committee focusing on China Wrote a letter to him in 2023 To request information about the investment of Walden International in companies that are on government blacklists as they have been given a risk for national security.
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