Intel CEO Promised "Five Nodes in Four Years" With "Unlimited Budget." He Was Fired Before Year Four. The Stock Lost 60%.

When Pat Gelsinger returned to Intel as CEO in 2021, he announced what he called a "tremendously audacious goal" — five new chip manufacturing processes in just four years. The plan was to catch up to Taiwan Semiconductor (TSMC) and reclaim Intel's manufacturing crown. "A bunch of you looked and said, Have you gone nuts?" Gelsinger acknowledged. Turns out they were right to wonder. By December 2024, the board had seen enough. Gelsinger was "retired" with Intel's stock down 60% during his tenure, the company's market cap below its book value for the first time since 1981, revenue down 33% from 2021 highs, and the AI boom having completely passed Intel by. While Intel was working on nodes, Nvidia became worth $3 trillion selling AI chips. The unlimited budget resulted in $16.6 billion in losses in a single quarter and 15,000 layoffs. The five nodes? Still in progress — now someone else's problem.