Ex-Intel CEO Aims to Revitalize Moore’s Law Using Optical Technology

After Pat Gelsinger stepped down as Intel’s CEO in late 2024, he embarked on a journey of 100 meetings in 100 days. He shared with WIRED that the purpose was to narrow down his options for his next chapter.

In March, Gelsinger revealed that he had joined Playground Capital as a general partner, a venture capital firm focused on deep tech, investing in emerging technologies founded on innovative science.

His goal in this position is to assist a new wave of semiconductor startups in revitalizing Moore’s law. Years ago, Intel cofounder Gordon Moore anticipated that the number of transistors on a chip would double approximately every two years, leading to significant performance gains. While this theory held strong for many years, semiconductor companies are now encountering the limits of physics, making the pursuit of even smaller atomic-scale transistors incredibly challenging and costly.

Gelsinger posits that the solution to this dilemma lies in advancements in lithography—using nanometer-scale light beams to etch chips. The forefront of lithography technology, created by the Dutch firm ASML, allows chip makers to print using light with a wavelength of 13.5 nanometers. The premise is that by incorporating more and even tinier features, it would be possible to develop even more powerful processors.

Upon joining Playground, Gelsinger took a board position at xLight, a portfolio company focused on innovative lithography methods that has also recently gained funding from the US government. (During our conversation, Gelsinger often emphasized, “God said, ‘Let there be light!’”)

As artificial intelligence reshapes the software industry, an increasing number of VC firms are pivoting towards deep tech. However, Gelsinger believes few are as well-equipped as he is to identify potential winners.

WIRED met with Gelsinger in early July at the RAISE Summit conference in Paris. We covered his approach to evaluating deep tech founders, the evolving perspective of the US government on AI and semiconductors, and why advancements in these sectors are inherently intertwined.

This conversation has been edited for length and clarity.

WIRED: There was an approximate four-month gap between your departure from Intel and your arrival at Playground. What was on your mind during that time?

PAT GELSINGER: My wife remarked, “You’re not finished yet.”

I considered roles in government, academia, as a CEO, in private equity, and venture capital. It was a logical elimination process. I recognized that I didn’t want to engage in public earnings calls anymore. A career in politics didn’t appeal to me. It ultimately came down to private equity or venture capital.

I want to be involved in projects that matter—where success translates into impact—alongside people I enjoy working with.

What led you to rule out private equity?

Private equity tends to invest larger sums, but it isn’t as tech-centric. At this stage of my career, do I want to focus on significant financial returns through big investments or immerse myself in exciting technology?

We are at the brink of scientific breakthroughs, validating findings. That’s the type of person I’ve always been. I have a passion for technology.

Many VCs are pivoting towards deep tech due to AI disrupting the software sector. How do you view AI’s influence on emerging investment prospects?

The opportunities have expanded tremendously.

In 2024, the semiconductor industry projected $1 trillion in revenue by 2030. Now, that milestone is expected to be reached next year. I don’t need my companies to dominate the market to realize remarkable returns; I just need them to achieve a reasonable share. That’s the impact AI has made on deep tech ventures.

The silver lining is that various venture firms are pivoting in that direction. The downside is that, for the most part, they have lost touch with how to navigate deep tech—how to discern the winners from the losers.