Intel has difficult options as Gelsinger's spending plan is insufficient

A slowly developing disaster at one of the most significant companies in modern technology reaches a decisive moment this week.

Intel Corp.'s board has spent three days since Tuesday considering how to proceed after the release of its Aug. 1 earnings report, in which Intel showed disappointing growth, issued a forecast that was well below Wall Street estimates and announced plans to cut 15,000 jobs. The dismal results sent share prices plummeting and destroyed the last remnants of confidence in a turnaround plan that Pat Gelsinger began when he took over as CEO in 2021.