Intel stock is losing ground today following skeptical coverage from Bank of America (BofA) analysts. The chip specialist's share price had climbed yesterday following news that CEO Pat Gelsinger would be resigning, but BofA's analysts raised concerns about the company's path going forward.

Analysts expect a shake-up to Intel’s foundry business on the heels of Pat Gelsinger’s dramatic exit. Intel’s stock has plummeted 61% since Gelsinger took the helm in February 2021, according to Dow Jones Market Data.

Pat Gelsinger’s reign at Intel began nearly four years ago with a flood of initiatives and hope for the future of the tech titan. It ended with a whimper. Gelsinger stepped down with no successor in place.

Intel's recent struggles include suspending dividends, delaying factory construction, and drastic cost-cutting measures. Read why INTC stock is a long-term Buy.

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.

(Reuters) -Chipmaker Intel said on Monday CEO Pat Gelsinger retired from the chipmaker, effective Dec. 1. The company named CFO David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO.