The company has been hampered by longtime problems and more recent missteps, and announced earlier this year it would lay off thousands of employees.

CEO Pat Gelsinger has laid out plans to mount an ambitious turnaround at the chipmaker, which has largely been left out of the artificial intelligence boom.

CNBC previously reported that some advisors, including Morgan Stanley, were helping the company on activism defense.

Intel remains on track to launch its next iteration of its laptop central processor, Lunar Lake, Gelsinger said at the appearance. But investors don’t see a turnaround on the horizon, and have pushed the stock down almost 60% this year.