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Third Point CEO Daniel Loeb David Paul Morris/Bloomberg After a tough year, Intel executives received one last 2020 surprise. It came in the form of a sharply worded letter this past week from activist investor Daniel Loeb. Loeb, CEO of hedge fund Third Point, laid out the need for change at the once pioneering chip maker. And he encapsulated the question many on Wall Street and in Silicon Valley have been asking for more than a year now: How did once-dominant Intel (ticker: INTC) so clearly lose its way? “We cannot fathom how the boards who presided over Intel’s decline could have permitted management to fritter away the company’s leading market position,” Loeb wrote to Intel Chairman Omar Ishrak. “Stakeholders will no longer tolerate such apparent abdications of duty.”

Jim kellerVenkata renduchintalaBob swanOmar ishrakMaxa cherneyDaniel loebPierre ferraguTaiwan semiconductor manufacturingThird pointSamsung electronicsDavid paulWall streetSilicon valleyIntel chairman omarAdvanced micro devicesTaiwan semi