These challenges have led to speculation about potential acquisitions, with rumours circulating earlier this year about Qualcomm Incorporated, a leading wireless technology innovator, potentially pursuing an acquisition of Intel.

However, interest in such a deal appears to have waned.

The company’s struggles are evident in its financial performance.

In recent quarters, Intel has reported declining revenues and profits, with its data centre business particularly affected by increased competition and shifting market dynamics.

The company has also faced challenges in its foundry business, where it aims to manufacture chips for other companies, as it works to catch up with industry leaders like TSMC.

Intel’s plan for the future 

As Intel navigates this leadership transition, the company strives to remain focused on executing its turnaround strategy.

Frank emphasises the need to put the product group at the centre of Intel’s operations: “Our customers demand this from us, and we will deliver for them.”

Meanwhile, the interim co-CEOs have expressed their commitment to driving Intel’s progress in both product and process leadership.

They said: “We will redouble our commitment to Intel Products and meeting customer needs. With our product and process leadership progressing, we will be focused on driving returns on foundry investments.”

The new CEO will face the challenge of restoring investor confidence and positioning Intel for long-term success in an increasingly competitive semiconductor market.