Intel Pitches Its Chip Tech Recovery

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The most important thing in tech today is …

Intel making the case for why it can climb out of the chip manufacturing hole it’s in. New CEO Pat Gelsinger is not quite six months in on the job, and he’s both promising to fix the problems that have left Intel off of its “tick-tock” cadence of advancing process technology and design, and to build a new foundry business on top of the fix.

Wall Street is skeptical. The stock was rebounding in early trade today, but it seesawed after hours Thursday and ended lower Friday following Intel’s earnings report. Revenues beat and Intel raised guidance, but profit margins were weaker than expected. Of course, if Intel can roll out more competitive products sooner than expected, that would firm up margins. If.

That’s why this afternoon’s presentation is so important. The stock market doesn’t always react to this kind of technical presentation, because this time Gelsinger will be speaking in the language of engineers, not investors. (The analyst day is in November.) But if many investors are underestimating Intel, and there’s upside in betting on the company and Gelsinger’s leadership, today is when you’ll find out.

That’s why I’m hosting a Fortt Knox Deep Dive with Intel SVP of Logic Technology Development Sanjay Natarajan, right after the presentation. Joining me? Two veteran semiconductor analysts, Pat Moorhead and Kevin Krewell. We’ll quiz him on Intel’s news and try to figure out what it means for Intel’s competitive position. Natarajan’s LinkedIn bio says “Working to ‘unstick’ Moore’s Law.” If he can do it, it might unstick Intel’s stock price, too.

The deep dive will stream below:

While you were sleeping …

Former Cisco CEO John Chambers told CNBC on Monday he is discouraging the start-ups he’s invested in from operating in China, citing Beijing’s increasingly uncertain regulatory approach. CNBC

In the broader world …

Sales of newly built homes dropped in June to the lowest level since the early days of the coronavirus pandemic in April 2020, according to data released by the U.S. Census Bureau on Monday. CNBC

I’m listening to …