Intel’s CEO is stepping down as the stalwart American chipmaker struggles to keep up with the artificial intelligence revolution.

The company announced that Pat Gelsinger, who led Intel since 2021 and served in various positions at the chipmaker for more than 30 years, has resigned from the company effective Sunday.

“While we have made significant progress in restoring manufacturing competitiveness and building the capabilities to become a world-class foundry, we know we still have work to do within the company and are committed to restoring investor confidence.” said Frank, CEO of Intel Yeary, according to a press release.

Intel, once the pioneer of American computer chip manufacturing, has struggled in recent years to keep pace with the move toward AI computing. After largely missing out on the smartphone boom of the 2010s, Intel couldn’t afford another misstep by failing to anticipate the next big technology trend.

Yet it has largely missed the mark – and suffered catastrophic consequences as a result.

As the AI ​​boom began to dawn in 2022, major tech giants began hiring a rival chipmaker, Nvidia, to handle many of their AI computer processing needs.

This is because Nvidia’s GPU (Graphics Processing Unit) chips can better handle the high computing power requirements of AI processes. Nvidia’s GPUs are able to perform calculations more efficiently thanks to their “parallel processing capability,” while regular computer processing units, or CPUs – the type of chips Intel has long specialized in – are better suited to simple computing tasks like writing files to a computer disc.

As a result, demand for Nvidia’s chips proved nearly insatiable.

Intel shares have fallen 61% since Gelsinger took over, while Nvidia shares have risen more than 820% in the same period.

The S&P 500 rose 54% in that time.

Nvidia is now valued at more than $3 trillion, while Intel’s market cap is around $100 billion – about 30 times smaller than Nvidia’s.

Gelsinger had launched a campaign to turn around the company’s fortunes, declaring in Intel’s most recent earnings report that it was in the midst of its most critical restructuring since its founding in 1968.

The Biden administration has sought to support Intel through CHIPS Act funding – but announced last month that it would reduce the size of a planned investment by $600 million compared to the grant previously announced in March. While part of that was due to Intel also announcing a $3 billion contract with the Department of Defense, the Commerce Department noted that timelines for some projects had extended beyond the government’s 2030 deadline.