Intel

Intel spent decades as the undisputed king of the microprocessor and is now fighting to stay relevant. Its chips still power most of the world's PCs and a large share of data-center servers, but it lost its manufacturing lead to TSMC and missed the shift to the AI accelerators where Nvidia now dominates. The company's turnaround plan is enormous and expensive: build leading-edge fabs on US soil and open them up as a foundry to make chips for other designers, a business it has never really run before. Founded in 1968 by the pioneers who coined Moore's Law and based in Santa Clara, California, Intel has taken government subsidies and cut its dividend to fund the effort. The stock is a turnaround bet, and a contested one, hinging on whether it can regain process leadership before the cash runs low.

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