Intel CEO shares timeline for chip independence

Intel Corporation (NASDAQ: INTC) wants to be producing about half of its leading-edge chips in the U.S. and Europe by the end of this decade, says Pat Gelsinger – its Chief Executive.

CNBC interviewed Intel’s chief executive in Davos

At writing, the multinational makes less than 20% of its sophisticated chips in the two regions. Speaking with CNBC at the World Economic Forum in Davos on Tuesday, CEO Gelsinger added:

Intel Corporation is scheduled to report its Q4 financial results in the final week of January. Consensus is for it to earn 27 cents a share versus 10 cents per share a year ago.

$INTC is currently up 45% versus its low in late October.

AI PC will be a ‘big thing’ for Intel Corporation

Last month, Intel announced the “Gaudi3” – a new AI chip that goes up against the likes of Nvidia and AMD as well as the “Core Ultra” for laptops and personal computers (find out more).

CEO Gelsinger expects PC sales to pick up this year and is convinced that artificial intelligence-enabled personal computers will be the next “big thing” for Intel Corporation.

He attributed the recent strength in Intel stock to “getting the process technology back” and the “foundry opportunity”. Intel is “unique” in that it’s the only one with “major supply chains for all three – the Americas, Europe, and for Asia”, the chief executive added.

Wall Street still currently rates $INTC at “hold” only.