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cover of episode Gelsinger Out at Intel, 20 Years of Structural Challenges and Strategic Blindspots, The Board and What’s Next

Gelsinger Out at Intel, 20 Years of Structural Challenges and Strategic Blindspots, The Board and What’s Next

2024/12/5
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Sharp Tech with Ben Thompson
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创立并运营订阅式新闻稿《Stratechery》，专注于技术行业的商业和策略分析。
Topics
本·汤普森认为英特尔的问题在于其董事会，这与芯片设计和制造的长周期有关。他指出，英特尔在2013年就应该转型为代工厂，因为长期来看，规模对于芯片制造至关重要。英特尔错失了移动市场，这与公司长期以来对性能的过度关注有关，Pat Gelsinger早期的决策也对此负有责任。英特尔对效率的忽视根深蒂固，这导致其在移动市场竞争失败。在2013年，英特尔面临的问题是缺乏移动市场的规模，而成为代工厂是解决这个问题的途径。到2013年，英特尔已经落后，而TSMC的崛起使得芯片设计的重要性下降。到2013年，英特尔已经面临严重问题，但这并没有反映在其股价上，直到2022年才有所体现。英特尔的诸多问题可以追溯到多年以前，错失移动市场是其中一个关键因素。Pat Gelsinger的失败在于未能阻止其未能阻止其启动的失控局面。英特尔应该拆分公司，将设计业务和代工业务分开。从经济角度来看，英特尔已经没有存在的理由，TSMC占据主导地位。尽管存在缺陷，英特尔一直是摩尔定律的推动力，TSMC长期以来一直在模仿英特尔的创新。一个人的优势和劣势是同一枚硬币的两面，职业生涯应该专注于发挥优势，而非纠缠于劣势。英特尔过于自负，认为自己能够克服物理限制。英特尔难以克服其文化问题，难以获得有意义的客户群，除非出现国家安全事件。英特尔如今的重要性在于国家安全问题。Pat Gelsinger的计划是正确的，但英特尔执行得太迟了。英特尔董事会是灾难性的，长期以来一直专注于短期利益。英特尔董事会在Pat Gelsinger上任三年后解雇他，这是令人作呕的行为。疫情期间英特尔获得了不应得的优异业绩，这使得裁员和削减股息变得困难。未来五年英特尔成功的定义应该是剥离代工业务，专注于设计业务，并利用美国政府的资金支持发展。美国政府需要资助美国芯片制造业的发展，并整合软件优势以克服国内生产成本较高的劣势。英特尔可以剥离代工业务，专注于设计业务，并在TSMC等代工厂生产芯片。 Andrew Sharp则补充了对英特尔历史的回顾，并表达了对英特尔董事会的强烈不满。

Deep Dive

Chapters
The chapter discusses Intel's decline, focusing on missed opportunities, strategic missteps, and the impact of mobile technology on their business model.
  • Intel missed the mobile revolution, focusing on performance over efficiency.
  • The company's reliance on x86 architecture limited their adaptability.
  • Intel's manufacturing process fell behind competitors like TSMC.

Shownotes Transcript

A closer look at Intel's fall from grace in the wake of CEO Pat Gelsinger's sudden retirement and with the company facing a fresh round of questions about its future. Topics include: Ben's overview of a 20-year run of paradigm shifts and strategic missteps, Gelsinger's strengths and weaknesses, CHIPS Act funds and a looming inflection point, and the murky path forward for American made chips.

To email the show: [email protected])

@SharpTechPodcast Channel — YouTube)

@Stratechery Channel — YouTube)

Gelsinger Out at Intel, What Happened, Ten Years Too Late — Stratechery Update)

An Interview with “Father of the iPod” Tony Fadell — Stratechery Interview)

An Interview with Intel CEO Pat Gelsinger — Stratechery Interview)

Intel Honesty — Stratechery)

Intel Concerns, Fubo Blocks Venu — Stratechery Update)

Intel Problems — Stratechery)

The Intel Opportunity — Stratechery)

Get all episodes of Sharp Tech, Sharp China, Stratechery Updates and Interviews, Greatest of All Talk and the Dithering Podcast as part of Stratechery Plus) for $15/month or $150/year.