Intel’s comeback story is more brutal than it seems

At Bloomberg Deep dive This week we’ll talk about how Intel CEO Lip-Bu Tan is trying to rescue one of Silicon Valley’s most famous and struggling chipmakers. It’s worth a read, but it actually doesn’t do justice to the most surprising part of the story: Intel’s stock has risen a staggering 490% over the past year, a bet by Wall Street that may be well ahead of the company’s actual turnaround.

Tan, who took charge March of last yearspent much of his first year chattering rather than restructuring – in insurance Deal baby With the US government (now Intel’s third-largest shareholder), approaching Elon Musk in a deal Factory partnershipIt has reportedly signed preliminary manufacturing agreements with both Apple and Tesla.

The basics are still messy. Intel’s chip productivity lags far behind industry leader TSMC, and employees told Bloomberg that Tan had little attention to detail internally, with some teams adjusting missed deadlines rather than recovering from them.

But investors are betting big on the bigger picture. Whether the execution will take place next is a multibillion-dollar question.