Intel’s future would be a disaster without Pat Gelsinger. Even with his clear vision, fantastic leadership, deep technical and business acumen and amazing positivity, the company’s future is in serious jeopardy. It’s the same story we’ve been telling for years. Volume is king in the semiconductor industry and Intel no longer is the volume leader. Despite Intel’s efforts to change that dynamic with several recent moves, including making another go at its foundry business, the company is years away from reversing its lagging position relative to today’s leading foundries and design shops. Intel’s best chance to survive as a leader in our view will come from a combination of a massive market, continued supply constraints, government money and luck – perhaps in the form of a deal with Apple in the mid- to long term. 

In this Breaking Analysis we’ll update you on our latest assessment of Intel’s competitive position and unpack nuggets from the company’s February investor conference.