“I do not subscribe to the belief that if you build it, they will come,” he said on a conference call with analysts.
Intel Corp tumbled in late trading after CEO Lip-Bu Tan sparked concerns that he was more focused on cost-cutting than restoring the chipmaker’s technological edge.
As part of Intel’s second-quarter report Thursday, Tan said the company will cancel some factory projects and take a more conservative approach to future spending. Tan called the investments begun under his predecessor, Pat Gelsinger, excessive and unwise.
