SANTA CLARA, Calif. - Intel Corporation (NASDAQ:INTC) announced the appointment of Dr. Naga Chandrasekaran as its new chief global operations officer, executive vice president, and general manager of the Intel Foundry Manufacturing and Supply Chain organization. Dr. Chandrasekaran, who will assume his new role on August 12, is taking over from Keyvan Esfarjani following his decision to retire after almost three decades with the company.
The incoming executive joins Intel from Micron Technology (NASDAQ:MU), where he held the position of senior vice president for Technology Development. At Intel, Dr. Chandrasekaran will be responsible for the company's worldwide manufacturing operations, which include Fab Sort Manufacturing and Assembly Test Manufacturing, as well as strategic planning for Intel Foundry, corporate quality assurance, and supply chain.
CEO Pat Gelsinger praised Dr. Chandrasekaran's extensive experience in semiconductor manufacturing and technology development as a valuable asset for Intel's team. Gelsinger emphasized the significance of Dr. Chandrasekaran's role in building a resilient global semiconductor supply chain and advancing Intel's position in AI-driven computing.
Dr. Chandrasekaran's career at Micron spanned over 20 years, during which he served in various senior leadership roles, including overseeing global technology development and engineering efforts. He holds a bachelor's degree in mechanical engineering, a master's and a doctorate in the same field, a master's in information and data science, and dual executive MBAs.
Intel Foundry's business is pivotal in Intel's strategy, combining technology development, global manufacturing, and customer service operations. Dr. Chandrasekaran will collaborate with other Intel Foundry leaders, including Dr. Ann Kelleher, Kevin O’Buckley, and Lorenzo Flores, to propel Intel towards its goal of becoming the first systems foundry for the AI era.
Intel, listed as NASDAQ:INTC, is known for its innovative contributions to the semiconductor industry, adhering to Moore's Law to drive the design and manufacturing of semiconductors to meet customer challenges and improve computing across various platforms.
The information in this article is based on a press release statement from Intel Corporation.
In other recent news, Intel Corporation anticipates reaching $1 billion in cumulative software revenue by 2027. This follows the acquisition of three software companies and a successful expansion in the software services sector since 2021. Intel's strategy includes bolstering offerings in AI, performance, and security, with a particular focus on launching its Gaudi 3 chip to challenge Nvidia (NASDAQ:NVDA)'s dominance in the AI chip market.
Intel is also actively participating in open-source initiatives to develop software and tools compatible with a variety of AI chips. The company is a member of the UXL Foundation and contributes to the Triton initiative, aimed at democratizing AI chip development.
In other developments, Entegris (NASDAQ:ENTG) has secured a preliminary agreement for a grant of up to $75 million from the U.S. government to advance the development of a new facility in Colorado Springs. This grant is part of the broader Chips and Science Act initiative to increase domestic chip production.
Intel has also unveiled an optical compute interconnect (OCI) chiplet, designed to enhance data processing speeds within AI infrastructure. The OCI chiplet leverages Intel's silicon photonics technology and aims to improve bandwidth, reduce power consumption, and extend reach in data centers and high-performance computing applications.
Meanwhile, Wolfspeed (NYSE:WOLF) has postponed the construction of a $3 billion chip manufacturing facility in Germany due to a softened EV market in Europe and the U.S. The delay underscores the European Union's difficulties in bolstering its semiconductor industry.
Lastly, MediaTek is reportedly developing an Arm-based chip for Microsoft (NASDAQ:MSFT)'s Windows operating system, which will be used in a new line of AI laptops. This development signifies a notable shift in the PC industry, traditionally dominated by Intel.
InvestingPro Insights
Intel Corporation's recent management changes come at a time when the company's stock has seen notable fluctuations. According to InvestingPro data, Intel's market capitalization stands at $133.84 billion, reflecting its significant presence in the semiconductor industry.
Despite a challenging environment, the company has maintained a low price-to-earnings (P/E) ratio of 31.73 over the last twelve months as of Q1 2024, suggesting a potentially undervalued stock relative to near-term earnings growth. This is reinforced by the company's PEG ratio of 0.14, which may indicate an attractive investment opportunity when considering expected earnings growth rates.
Moreover, Intel has demonstrated a steadfast commitment to shareholders, maintaining dividend payments for 33 consecutive years, with a current dividend yield of 1.58%. This consistency in returning value to shareholders is a testament to the company's financial stability and disciplined approach to capital allocation.
For investors keen on exploring further insights and detailed analysis, Intel's profile on InvestingPro includes additional InvestingPro Tips, such as the company's status as a prominent player in the Semiconductors & Semiconductor Equipment industry and its trading near a 52-week low. Subscribers to InvestingPro can access a total of 9 InvestingPro Tips that provide a deeper dive into Intel's financial health and market position.
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