Commenting on the departure of Pat Gelsinger as Intel’s (INTC) CEO, Stifel said that while a fresh set of eyes likely makes sense at this point, the firm expects that additional modifications to the company’s strategy, which could include yet another change in direction for the Foundry business, could further delay the company’s ability to right the direction of its technology roadmap toward the rapidly evolving AI TAM opportunity. Stifel further notes, though, that the recent finalization of the U.S. DoC direct funding award through the CHIPS and Science Act does limit some potential options, i.e. restrictions on certain change of control transactions including a requirement to retain majority ownership of Intel Foundry. The firm has a Hold rating on the shares.
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