Intel CEO Pat Gelsinger resigns as company faces record losses

Intel's CEO Pat Gelsinger has unexpectedly retired, effective immediately, amid significant company losses. His departure follows a record $16.6 billion loss and the suspension of dividends for the first time since 1992. Gelsinger's tenure saw Intel's share price drop by 60%, while competitors thrived. The company struggled with production setbacks and failed to capitalize on the AI boom, leading to a shift in strategy that included a $100 billion investment in new production sites. Intel is now seeking a new leader as it navigates financial challenges and government subsidies. The incoming Trump administration will influence the company's future direction, balancing support for Intel against reliance on Taiwan's TSMC for chip production.