Tan wants fewer distractions, more silicon in the PC and data centre markets, where Chipzilla once held sway. “That’s something we’re going to expand and build on,” Tan told execs during a 40-year knees-up in Taipei, claiming 68 per cent of the PC chip market and 55 per cent for data centres.

The NEX business, once proudly waved around in earnings reports, has been absorbed back into the mothership. It pulled in $5.8 billion last year, but now it doesn’t even get its own line item. Sources close to the matter say the unit’s future is under active review, and Chipzilla has been speaking to potential buyers and sizing up investment bankers, though no formal sale process is underway yet.

NEX group, which is responsible for telecoms chips and networking gear isn’t seen as essential any more. One source claimed the telecom chip effort no longer aligns with Intel’s core goals, while another pointed out that Broadcom already owns the high ground in networking.

Chipzilla has been here before. In April it sold off most of its Altera unit to SilverLake for $4.46 billion. Before that, it floated Mobileye in 2022. Tan’s playbook seems to focus on what Intel used to be good at, and punt the rest.

Despite this leaner ambition, the company’s grip on both the PC and data centre markets has been slipping. Tan’s strategy might be logical on paper, but there’s a whiff of retreat rather than renewal. Whether offloading NEX will help reverse Chipzilla’s decline remains to be seen but the axe is definitely being sharpened.