Intel’s 15 per cent revenue fall in the second quarter is a strange thing to cheer. But it is the smallest year-on-year decline in five quarters. Forecasts are also above estimates. It may not be the big turnaround the company wants, but it is better than nothing. 

Intel chips have been outpaced by Nvidia’s graphics processing units (GPUs), high-performance chips needed for complex computing. Nvidia’s GPUs power the artificial intelligence applications that are in demand across the tech sector. 

Chief executive Pat Gelsinger’s answer is an expensive transformation plan to build new chip foundries and regain prominence in chip tech, supplying customers with cutting-edge semiconductors. In addition to the US, Intel has just agreed to a $33bn deal to build two semiconductor plants in Germany.