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Pat Gelsinger retired as Intel CEO on December 2, 2024. Intel named CFO David Zinsner and Intel Products leader Michelle (MJ) Johnston Holthaus interim co-CEOs during its search for a successor. As of October 8, 2026, Intel lists Lip-Bu Tan as CEO. The company is no longer in that interim period, but questions about its foundry strategy and manufacturing roadmap remain central to its outlook.
Who replaced Pat Gelsinger as Intel CEO?
Intel’s December 2, 2024 announcement said Gelsinger had retired, effective immediately. The board appointed David Zinsner and Michelle (MJ) Johnston Holthaus as interim co-CEOs while it searched for a permanent successor. Holthaus also led Intel Products. Those appointments were interim; they do not describe Intel’s current leadership.
Intel’s executive leadership page lists Lip-Bu Tan as CEO and Dave Zinsner as CFO as of October 8, 2026. Tan is the successor to the interim period, not one of the interim co-CEOs.
A separate board-chair change
Intel also announced a board-chair transition in 2026: Craig H. Barratt was elected independent chair, effective after the May 13 annual meeting, succeeding Frank D. Yeary. That was a change in board leadership, separate from the CEO succession.
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Why did Pat Gelsinger leave Intel?
Intel’s December 2, 2024 announcement described Gelsinger’s departure as a retirement, effective immediately, but did not provide a detailed personal explanation. It placed the change in the context of the company’s work to regain manufacturing competitiveness, build its foundry capabilities, and restore investor confidence. The board’s statement set out that company context; it does not establish a more specific personal reason for his departure.
Then-board chair Frank D. Yeary said in that announcement: “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence.”
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What do Intel’s results say about its position?
Intel reported $16.1 billion in revenue for Q2 2026, up 25% year over year. Its earnings measures differed sharply by accounting basis, so they should not be combined or presented as interchangeable:
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →| Q2 2026 measure | Intel-reported result |
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| Revenue | $16.1 billion, up 25% year over year |
| GAAP diluted loss per share attributable to Intel | $(2.16) |
| Non-GAAP diluted earnings per share | $0.42 |
Intel forecast Q3 2026 revenue of $15.8 billion to $16.8 billion. That range was company guidance, not a reported result. Revenue growth and positive non-GAAP EPS do not erase the GAAP loss; the accounting basis matters when interpreting the figures.
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- Core and Threads 24 cores (8 P-cores plus 16 E-cores) and 24 threads. Integrated Intel Graphics included
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Is Intel still making its own chips?
Yes. Intel continues to make products using its own manufacturing operations, while also pursuing a longer-term foundry strategy intended to manufacture chips for outside customers. These are related but distinct parts of the business: making Intel’s own products does not by itself demonstrate that external foundry has attracted substantial customer demand.
In its Q2 2026 Form 10-Q, Intel said its first products built on Intel 18A—then its most advanced leading-edge manufacturing node—entered high-volume production at the start of 2026. That is a company-reported production milestone. It does not, on its own, establish yields, profitability, or the scale of external customer demand.
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- 20 cores (8 P-cores plus 12 E-cores) and 28 threads. Discrete graphics required
- Up to 5.6 GHz with Turbo Boost Max Technology 3.0 gives you smooth game play, high frame rates, and rapid responsiveness
- Compatible with Intel 600-series (with potential BIOS update) or 700-series chipset-based motherboards
- DDR4 and DDR5 platform support cuts your load times and gives you the space to run the most demanding games
Why is external foundry demand a key test?
Intel’s 2025 Form 10-K describes external foundry as a long-term strategy and says the company had few external foundry customers to date. The filing also identifies a specific condition: if Intel cannot secure a significant external customer for Intel 14A, it may pause or discontinue its pursuit of Intel 14A and successor leading-edge technologies. That is a risk Intel disclosed in its filing, not a prediction that it will definitely stop development.
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In the Q2 2026 Form 10-Q, Intel said it had committed during Q2 to completing Intel 14A development. It also said the pace of manufacturing expansion would depend on demand from Intel products and external customer design wins. Development commitment and expansion pace are different things: the company described a plan to complete development, while tying the scale of manufacturing investment to demand.
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- Game without compromise. Play harder and work smarter with Intel Core 14th Gen processors
- 24 cores (8 P-cores plus 16 E-cores) and 32 threads. Integrated Intel UHD Graphics 770 included
- Leading max clock speed of up to 6.0 GHz gives you smoother game play, higher frame rates, and rapid responsiveness
- Compatible with Intel 600-series (with potential BIOS update) or 700-series chipset-based motherboards
- DDR4 and DDR5 platform support cuts your load times and gives you the space to run the most demanding games
Does “adrift” describe Intel now?
It is a judgment, not an established fact. The case for concern is that Intel had few external foundry customers at the time of its 2025 annual report and made future investment in Intel 14A and successor nodes conditional on winning a significant 14A customer. Its Q2 2026 GAAP loss per share is another relevant sign of financial strain, even alongside revenue growth and positive non-GAAP EPS.
There is counterevidence to a simple picture of drift: Intel reported Q2 revenue growth, said its first Intel 18A products had entered high-volume production at the start of 2026, and committed to completing Intel 14A development. Those disclosures show reported progress and stated plans, but do not prove that Intel has achieved profitable manufacturing at scale or secured the external demand needed to sustain later nodes.
Tan said in Intel’s July 23, 2026 results release: “AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network.” That is the CEO’s company commentary, not an independently verified market forecast. The evidence to watch is whether Intel turns its process milestones and investment plans into durable financial results and significant external foundry business.
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