Intel CEO Bob Swan spent almost an hour on Thursday discussing an idea that would once have been unthinkable for the world’s largest semiconductor company: not manufacturing its own chips.
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Intel gave bullish quarterly and full-year revenue forecasts, driven by a surge in demand for chips that power large cloud computing centres. The shares jumped as much as 7.8% in late trading.
Intel is reviewing its global supply chain amid the growing trade war between the US and China, CEO Bob Swan said.
Intel, whose products dominate the world of computing, said it’s going to wind down a multibillion-dollar, multi-decade effort to grab a viable stake of the mobile phone industry.
Intel’s first forecasts for 2019 sent a signal to investors that a torrent of spending on data centres, which has nourished sales and earnings growth for years, is beginning to dry up.
Intel has been trying to fill the most prominent role in the $400-billion chip industry for more than six months. The company’s board still hasn’t found what it’s looking for.
Either Intel’s somehow immune to the macro meltdown affecting not just chips but multiple areas of the global economy, or the dark clouds just haven’t appeared on its horizon yet.
Intel’s CEO, Brian Krzanich, has resigned. The giant chip maker’s chief financial officer, Bob Swan, has been named interim CEO until a permanent replacement can be found. Krzanich fell on his sword after