In response, investors did not react well to what has been interpreted as a big misstep by Intel, sending its shares down some 16% on July 24. On July 27, the company announced Murthy Renduchintala, its chief engineering officer and potential CEO successor, is leaving the company.
Intel Corp shares were hit this past week as the leading chipmaker said it was a year behind in its multi-year schedule to develop the process technology needed to manufacture its next-generation 7 nanometre (nm) chips. This delay comes on top of an earlier delay in its move to the current generation of 10nm chips.
Intel, according to its CEO Bob Swan, is even mulling to outsource the manufacturing of the chips come 2023 despite the company priding itself in achieving its industry leadership position through R&D and manufacturing capabilities in the face of stiff competition.
