Intel's happy new year

Hi, it’s Ian in San Francisco. Intel—yes Intel—is surging this year. But first… Today’s top tech news A federal judge ruled that a U.S. mono [View in browser]( [Bloomberg]( Hi, it’s Ian in San Francisco. Intel—yes Intel—is surging this year. But first… Today’s top tech news - A federal judge ruled that a [U.S. monopoly lawsuit]( against Facebook can move forward - Google is giving out [pricey fast Covid tests]( to staff (but not contractors) - Female founders collected just [2% of VC funding]( last year The empire talks back Intel Corp. is the best performing chip stock of 2022 so far—rallying more than 8% at the same time almost all of its peers have been dumped by investors. After ending 2021 with its share price mostly flat, the company kicked off the New Year with a flurry of activity. At last week’s CES in Las Vegas, Intel executives said that a new raft of products will put it back on top in the computer processor arena. They made the same argument at JPMorgan Chase & Co.’s technology confab. And earlier this week, Intel added a new chief financial officer, demonstrating that its current CEO is now firmly in command of the company’s trajectory. Of course, seven days of trading is a small sample, but it shows that at least some investors are willing to listen to Intel Chief Executive Officer Pat Gelsinger’s message of renewal after nearly a year on the job. Meanwhile, Intel’s chief tormentors, Nvidia Corp. and Advanced Micro Devices Inc., also unveiled new chips in 2022. But the rollouts didn’t sway Wall Street, and their stocks have declined, albeit after huge run-ups in 2021. In the world of chips, market performance can be a lagging indicator. It takes lots of time and money to design chips, build a factory and ramp up production. Up until this point, Gelsinger has been playing a hand that was dealt by earlier executives (whom Intel fired). Is the company now turning a corner under new stewardship? A test will come later this month when Intel reports its full-year earnings. The company’s last three quarterly reports have focused investor attention on the high costs of Gelsinger’s big plans for Intel, and caused the stock to average a more than 7% decline on each of the subsequent trading days. This earnings season, analysts again anticipate underwhelming numbers, according to Bloomberg data. They expect that revenue will have declined about 8% in the fourth quarter, on course to end 2022 with flat sales from the prior year. That compares to more than 60% increases at Nvidia and AMD, according to annual projections. The prospect of losing ground to rivals makes Intel execs bristle: “I think we can do well by regaining share versus AMD, and we're poised to do that,” Intel Executive Vice President Gregory Bryant told the audience at the JPMorgan conference. Intel also announced it’s shipping graphics processors, an attempt to take on Nvidia on its home turf. Intel currently has zero share in the lucrative market for the add-in cards loved by gamers, meaning there’s plenty of room to grow. Gelsinger ended his first stint at Intel in 2009. Back then, the company was at the height of its powers. It was the most valuable chipmaker by market capitalization, the biggest by revenue and led in manufacturing technology. Intel is beginning 2022 as a relative underdog in many of those categories—though still a rich and powerful one. The company is on track to soon [lose its crown]( as the world’s largest chipmaker in terms of sales to Samsung Electronics Co. If Intel puts up numbers this year showing that its new products are a hit — proving analysts wrong — it could signal that the company is truly staging a resurgence, and that the latest developments aren’t just bluster by executives. Bryant’s fighting words at the JPMorgan conference typify leaders’ bullish mood lately. Even so, on Monday, Bryant said he was leaving Intel for a new gig. —[Ian King](mailto:ianking@bloomberg.net) If you read one thing What U.S. Securities and Exchange Commission Chair Gary Gensler [thinks about crypto](. Here’s what you need to know Tony Xu, the CEO of DoorDash, is joining [Meta’s board](. Trading powerhouse Citadel Securities is partnering with Sequoia Capital and Paradigm in a deal that values the firm [at $22 billion](. Bitcoin is [still struggling](. An influential economist says automation is [driving a wealth gap](. Follow Us More from Bloomberg Dig gadgets or video games? [Sign up for Power On]( to get Apple scoops, consumer tech news and more in your inbox on Sundays. [Sign up for Game On]( to go deep inside the video game business, delivered on Fridays. Why not try both? 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