In today’s briefing:
- Intel: A Graphic Novel Of A Train Wreck
- The Death of Intel: When Boards Fail
- Tech Supply Chain Tracker (07-Dec-2024): Apple Intelligence targets China despite Baidu challenges
Intel: A Graphic Novel Of A Train Wreck
- Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.
- Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt.
- Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later.
The Death of Intel: When Boards Fail
- If you haven’t heard the news, Pat Gelsinger is “retiring.” The reality is this was not a retirement but a firing of Pat.
- His brief stint of 1386 days was surprising because not only was he the most technically competent CEO of the last few bad apples at Intel, but he was also among the shortest.
- Pat has by no means been perfect, and the conference at UBS kind of showed the frustrations that the board likely had with Pat.
Tech Supply Chain Tracker (07-Dec-2024): Apple Intelligence targets China despite Baidu challenges
- Apple’s Intelligence service is working towards a launch in China, but is facing challenges with integrating Baidu.
- NXP may be investing a significant amount of money in Karnataka, India.
- Intel’s interim leadership team is bringing together new ideas and industry experience for a promising future, while South Korea and Japan work to mitigate US export controls on HBM.
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