The Latest Breaking News from Patrick Gelsinger

Intel CEO Pat Gelsinger expressed his frustrations about American tech companies' use of TSMC for their chip requirements during a meeting with Secretary Raimondo. The latter then encouraged investors in private sessions to use American foundries for their chip-making needs.

Intel is set to receive $8 billion in funding from the US Chips Act and an additional $11 billion in loans. But that funding may be in jeopardy due to the chipmaker's struggles.

Intel CEO Pat Gelsinger is expected to meet with the board of executives this month to share potential plans on what to cut from Intel to turn around the company. Intel's Foundry wing will not be on the chopping block, but Intel's in-progress Magdeburg fab will likely be canceled.

In response to poor financial performance and competition from AMD and Nvidia, Intel might take more action.

An action plan seems imminent for the beleaguered chip giant.

Pat Gelsinger will pitch the plan to the board of directors in the wake of last month's $1.6 billion quarterly loss, a source told Reuters.

The deliberations, which remain confidential, include the possibility of scaling back certain factory projects and even a potential merger or acquisition.

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