Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to Nvidia.

Intel's recent struggles include suspending dividends, delaying factory construction, and drastic cost-cutting measures. Read why INTC stock is a long-term Buy.

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.