Intel CEO: The company will focus on AI and foundry business.

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On October 28, Jin10 reported that Intel (INTC.O) CEO Pat Gelsinger stated he is working to refocus the struggling chip giant on engineering to address the challenges it faces due to complacency and mismanagement. The executive, who joined Intel in March of this year, attributed the company's fall from its leading position in the semiconductor market to “too many layers of management.” Gelsinger said, “The company had great success 20 to 30 years ago.” “So I decided to join and make some changes.” Gelsinger noted that his focus is on opportunities in the artificial intelligence sector and Intel's nascent foundry business. He added that after sharing his strategy for Intel with President Trump, he successfully persuaded him to invest.

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