Pat Gelsinger

Intel said Gelsinger had retired and left the board effective December 1, 2024, and named CFO David Zinsner and product chief Michelle Johnston Holthaus as interim co-chief executives while the board searched for a successor.

After a loss-making quarter and job cuts, Gelsinger said Intel would set up Intel Foundry as an independent subsidiary inside Intel, expand its collaboration with Amazon Web Services including an AI fabric chip on 18A, and pause its planned fabs in Germany and Poland by about two years.

Intel held a groundbreaking ceremony for Fab 52 and Fab 62 at its Ocotillo campus in Chandler, Arizona. Intel put the two-fab project cost at $20 billion.

Intel published a process roadmap renaming its nodes Intel 7, Intel 4, Intel 3, Intel 20A and Intel 18A, introducing RibbonFET gate-all-around transistors and PowerVia backside power at 20A, and targeting 18A for 2025, the plan later summarised as five nodes in four years.

In his first strategy event as CEO, Pat Gelsinger said Intel would keep manufacturing in house, expand capacity starting with roughly US$20 billion for two new fabs in Arizona, use outside foundries for some products, and create Intel Foundry Services as a standalone unit to make chips for others.