Market minute from BlackRock Fundamental Equities

The future of semiconductors ― from a leader who is shaping it

Dec 12, 2025

Semiconductors have assumed what may have once seemed an unlikely position ― as a key driver of stock market returns and the epicenter of global competition in the ongoing AI revolution. It’s a reality not lost on Intel* CEO Lip-Bu Tan, who visited BlackRock to share his decades-long experience as an engineer, investor and visionary leader in the fast-moving tech and chip space.

Watch the highlights reel

Lip-Bu Tan on…becoming Intel’s CEO
When I started venture semiconductor investment. Intel is the role model in terms of gross margin. Paranoid survive. That is kind of the textbook that you follow. Every company I invest, this is the role model for going forward. It's such an iconic company. It's so important for national security in United States manufacturing.

You're doing it purely out of the love of Intel.

The love of Intel. Good news is, I think we are making progress and it gives me a lot more confidence. But the journey still continues.

Lip-Bu Tan on…delighting the customer
You have to delight the customers. I listen to the customer. They are very familiar with me. I jot down every point where the mistakes make. Then I follow up and there's one customer recently asked me for 7.5 hours meeting and so I went through all the details what they want us to be. Good news. They want us to be a strategic partner, that is very positive. The culture has changed. The team are very open, keen to learn. I say good, that's a good sign and then I would visit every customer and not too many salespeople. I want engineering to engineering, architecture to architecture to drive the next product line. So I think in some ways a new chapter for me, but I'm willing to learn.

Lip-Bu Tan on…leadership
I'm a basketball player and a college volleyball player. Championship win by the team, not me. And so I'm just supporting my team to make sure that we do the right thing to win the championship, have that mindset to really compete. And frankly speaking, I hate to lose. You know, I set the example and let the team work with me and make sure that the team all work like a team member. Very transparent. No hidden agenda driving success and no surprises. And then same thing with my shareholders.

Lip-Bu Tan on…inspiration
Biggest encouragement I see is when I'm visiting Morris Chang. He's 94 years old and I have so much respect of him. And he asked me, how old am I? I'm saying, I'm 65, maybe good for 5 or 7 years. And he said, no. Lip-Bu, when I was 65 to 80, that's my golden years. That's how I built TSMC. So I came back home. I told my wife, you know what, I have 15 golden years in front of me and my wife cannot stop laughing.

So, I have at least ten years to really drive this company to be great again.

Thank you, Lip-Bu. I think Intel is in good hands, so thank you very much.

Lip-Bu Tan on…becoming Intel’s CEO
When I started venture semiconductor investment. Intel is the role model in terms of gross margin. Paranoid survive. That is kind of the textbook that you follow. Every company I invest, this is the role model for going forward. It's such an iconic company. It's so important for national security in United States manufacturing.

You're doing it purely out of the love of Intel.

The love of Intel. Good news is, I think we are making progress and it gives me a lot more confidence. But the journey still continues.

Lip-Bu Tan on…delighting the customer
You have to delight the customers. I listen to the customer. They are very familiar with me. I jot down every point where the mistakes make. Then I follow up and there's one customer recently asked me for 7.5 hours meeting and so I went through all the details what they want us to be. Good news. They want us to be a strategic partner, that is very positive. The culture has changed. The team are very open, keen to learn. I say good, that's a good sign and then I would visit every customer and not too many salespeople. I want engineering to engineering, architecture to architecture to drive the next product line. So I think in some ways a new chapter for me, but I'm willing to learn.

Lip-Bu Tan on…leadership
I'm a basketball player and a college volleyball player. Championship win by the team, not me. And so I'm just supporting my team to make sure that we do the right thing to win the championship, have that mindset to really compete. And frankly speaking, I hate to lose. You know, I set the example and let the team work with me and make sure that the team all work like a team member. Very transparent. No hidden agenda driving success and no surprises. And then same thing with my shareholders.

Lip-Bu Tan on…inspiration
Biggest encouragement I see is when I'm visiting Morris Chang. He's 94 years old and I have so much respect of him. And he asked me, how old am I? I'm saying, I'm 65, maybe good for 5 or 7 years. And he said, no. Lip-Bu, when I was 65 to 80, that's my golden years. That's how I built TSMC. So I came back home. I told my wife, you know what, I have 15 golden years in front of me and my wife cannot stop laughing.

So, I have at least ten years to really drive this company to be great again.

Thank you, Lip-Bu. I think Intel is in good hands, so thank you very much.

Intel CEO Lip-Bu Tan has no “chips” on his shoulder as he humbly carries the weight of a semiconductor comeback story in the making. He recently took the stage at BlackRock’s NYC headquarters alongside Tony Kim, Head of the BlackRock Fundamental Equities Global Technology team, and Mike Pyle, Deputy Head of the Portfolio Management Group.

Mr. Tan shared reflections on his career as a venture capitalist investing in semiconductors “before semiconductors were cool,” to learning on the job as a first-time CEO and change agent at Cadence Design Systems, to his latest mission as Intel CEO, a title he took on in March of this year.

In the far-reaching conversation, Mr. Tan candidly reflected on his personal journey and the writing of a new chapter at Intel, a role he embraces out of long-term admiration for what he calls “an iconic American company.” Among the key takeaways:

Semiconductors are a strategic imperative for the advancement of AI and a key driver of innovation and competitiveness across industries. Mr. Tan noted that “Intel is very strategically important” given its role in enabling technological progress, particularly amid rising geopolitical fragmentation.

Engineering is in sharp focus at Intel, and Mr. Tan, a nuclear engineer himself, is taking an active role in its oversight.

The client is at the center. A cultural shift has Intel asking more questions to better serve and “delight the customer” ― emphasizing listening over lecturing.

A thirst to learn has never left Mr. Tan, even after years of formal and on-the-job education. He encourages his team to also be enthusiastic learners and to seek to model after success stories. He admires and is happy to partner with competitors.

This job is off the map. It’s not something you train for. I'm doing it purely out of the love for Intel.

Lip-Bu Tan
Intel CEO

Moving faster than the rate of change

Mr. Tan recalled some of the best advice he ever received was from a college professor who encouraged him to “keep your eyes open” and to “calculate the race.”

He has done just that in navigating the fast-evolving opportunities and risks of the current AI revolution. Staying ahead of the trends was table stakes in Mr. Tan’s career as a venture capitalist.

Referring to agentic AI as the current big trend, he is considering how new models can build on that. He also has sights on physical AI and the making of a “digital workforce,” posing important questions like “how do you use AI to drive more efficiency and also drive the revenue model.” He sees vast potential in quantum computing and all the change and opportunity it appears poised to bring. 

Semiconductors are the oil that fuels all of this, and Mr. Tan believes there is clear need for multiple players to power AI at scale and supply the expanding needs and uses.

Overall, Mr. Tan says, “It is a fascinating and fast-changing environment. You cannot move slow.” 

It’s the mentality he is bringing to his current role as he leads with reason, transparency and great humility.