With its stock down almost 60% this year, Intel is gearing up to defend itself against pressure from activist investors.
Intel is working with advisors including Morgan Stanley to help defend itself against activist investors, according to people familiar with the matter.
Lip-Bu Tan, a veteran of the semiconductor industry, stepped down from Intel's board on Thursday after just two years as a director.to help defend itself against activist investors, according to people familiar with the matter, as CEO Pat Gelsinger attempts to turn around the struggling chipmaker.While Intel has faced activist pressure in the past, no new campaign has been formally launched and it isn't clear if an activist investor has been in contact with the company's board.
The biggest challenge for Intel of late is that it's been largely left behind in the AI battle, as big cloud vendors and developers of large language models turn to Nvidia's GPUs for the heftiest workloads. Prior to the AI craze, Intel missed out on much of the smartphone boom.In 2020, before Gelsinger's ascension to CEO, Dan Loeb's Third Point took a sizable stake in Intel and pushed the company to explore strategic alternatives to address.
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