Intel CEO Pat Gelsinger to present plans to help the company at emergency board meeting

Intel CEO Pat Gelsinger is reportedly planning to present the board on how to streamline the company, including selling some parts of the business off and scrapping projects, to the board later this month.

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In a new report from Reuters, we're learning that Intel CEO Pat Gelsinger and key executives are expected to "present a plan" later this month to Intel's board of directors, to "slice off unnecessary businesses and revamp capital spending" according to a source familiar with the matter.

The plan will reportedly include ideas from Gelsinger and his team to shave overall costs by selling businesses, including its programmable chip unit Altera, as Intel can no longer continue to fund the company. Reuters' source said that Gelsinger and the other high-ranking executives are expected to present the plan at a mid-September board meeting.

One of the chunks of Intel up on the chopping block could be its semiconductor foundry business, Intel Foundry, with Reuters's source teasing the company would sell its fab business to TSMC. Intel has already broken off its foundry business from its design business, reporting separate financial results since the first quarter calender of 2024.

• Read more: Intel considering selling its foundry business, might scrap some of its factory projects too
• Read more: Intel's scrapped Beast Lake CPU rumored with 2x IPC over Raptor Lake, Pat Gelsinger killed it
• Read more: Japan's SoftBank kills plans for Intel to make an AI chip to compete with NVIDIA, goes to TSMC
• Read more: Intel has just sold ALL of its Arm shares, as the CPU behemoth continues to struggle
• Read more: Intel shares TANK by over 30% after 15K+ job cuts announced, bleeding CPU market share to AMD

Intel "erected a wall" between its design and manufacturing businesses, so that potential clients of its design division wouldn't have access to technology secrets of customers using Intel's fabs to manufacture their chips. Gelsinger and co's plan will just involve slicing and dicing areas all over the place, but it doesn't help Intel has failed in AI, and is stumbling over itself in the desktop and server CPU markets to competitor AMD.

Now the laptop market is also being threatened with AMD's new Ryzen AI 300 series "Strix Point" APUs that offer fantastic Zen 5 CPU performance, heavily-beefed up RDNA 3.5 graphics, and an NPU for AI workloads.