Yet Intel’s share price has underperformed those of rivals. Nvidia, a firm with one-seventh of Intel’s revenues, has a market capitalisation, at $370bn, that is half as high again. The manufacturing technology on which much of Intel’s success was built has fallen behind. It has missed the smartphone revolution. Some of its big customers, such as Apple and Amazon, are turning into competitors. Mr Gelsinger inherits quite the in-tray, then. 然而，英特尔的股价却逊于竞争对手。营收只有英特尔的七分之一的英伟达公司市值高达3700亿美元，是英特尔的一半。英特尔能够成功所依靠的大部分的芯片制造技术已经落后。它错过了智能手机革命。它的一些大客户，如苹果和亚马逊，正在变成其竞争对手。基尔辛格相当于接过了烫手的山芋。 Start with production. Chipmaking is propelled by the quest for smallness. Shrinking the components in integrated circuits, these days to tens of nanometres (billionths of a metre), improves the performance of both the components and the microchip as a whole. For decades Intel led the way, its “Tick-tock” strategy promising a manufacturing revolution every other year. Now “it has lost its mojo,” says Alan Priestley of Gartner, a research firm, who worked at Intel for many years. Its “ten nanometre” chips were originally pencilled in for 2015 or 2016 but did not start trickling out until 2019—an unprecedented delay. The technology is still not mature. In July Intel said the next generation of “seven nanometre” chips would not arrive until 2022, a delay of at least six months.
