“Chandrasekaran is a proven leader from Micron, which ramped up multiple DRAM nodes at a rapid pace with solid performance in terms of yields and power,” Kundojjala said. “He has instituted capex discipline at Intel and is driving equipment reuse from node to node. We think, under Chandrasekaran, Intel Foundry will progress at a faster rate than they have been before in terms of node maturity, customer traction and ramp timings.”

It reflects an operations-driven approach to catch up with TSMC and Samsung, where reliability and delivery track record matter as much as process innovation, Rawat added. This also hints at Intel prioritizing credibility with hyperscalers and fabless customers that are wary of past delays.

Data center challenge

The data center and high-performance computing market is the biggest growth area for chipmakers, driven by AI demand and by hyperscalers seeking alternatives to Nvidia, AMD, Broadcom, and Marvell. Despite this potential, Intel has struggled to keep pace.