Intel's CEO played down the billions of dollars the once-dominant chip maker lost the previous year, saying the business was in the midst of a historic comeback to restore American leadership in producing the tiny circuits that drive contemporary devices.

"I am looking for individuals who are dedicated to the strategic endeavor of reconstructing the most recognizable technological business in American history, as well as those who are developing long-term manufacturing capabilities for the digital future, which will be increasingly vital to all facets of human existence, national security, and the economy. That's the kind of investor I want," stated seasoned engineer Patrick Gelsinger.

Gelsinger spoke at a gathering hosted by the New York City-based think group Council on Foreign Relations.

This week, Intel said that its chip manufacturing division will have an operational loss of US$7 billion in 2023, with losses expected to peak this year. Consequently, Intel's stock ended the day on Wednesday down 8%.

Noting that only one of the three businesses "on the planet" is a Western company capable of producing cutting-edge semiconductors, Gelsinger went on to say that "rebuilding the Western supply chains of the world" would prove advantageous in the years to come.

"In that industry, we anticipate breaking even in 2027. and then become quite successful," he stated of the business strategy. In response to Asian competitors, Gelsinger stated that "part of the problem is we have to significantly overinvest to get back to competition."