Squawk on the Street Pat Gelsinger Steps Down As Intel CEO, Black Friday Boost, Trump Throws BRICs on Tariffs 12/2/24
Dec 2, 2024
Exciting changes in the tech world unfold with Intel's CEO Pat Gelsinger stepping down after a challenging tenure. The impact on stock value is significant, losing 60%. Holiday shopping soars with Black Friday racking up $11 billion online, showcasing shifts in consumer behavior. In political news, President-elect Trump stirs controversy with a 100% tariff threat against BRIC countries. Plus, insights on major players like Stellantis and the ongoing challenges in the semiconductor industry. Don't forget the latest buzz about Elon Musk!
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Intel's Turnaround Challenge
- Pat Gelsinger's leadership at Intel involved substantial capital expenditures, impacting the balance sheet.
- This approach, coupled with a long-term turnaround strategy, made it challenging to retain investor confidence.
Intel CEO Steps Down
- Intel CEO Pat Gelsinger's retirement is announced, causing a significant shift in the company's leadership.
- Gelsinger's tenure saw a substantial decline in Intel's share value.
Black Friday Shopping Trends
- In-store shopping struggled compared to online during Black Friday, with online sales significantly higher.
- Jim Cramer emphasizes the ongoing trend of online shopping's dominance.
