Plus, the Biden administration issues new rules on transferring chips to China. And Super Micro Computer says a final review of its accounting showed no evidence of fraud or misconduct by its board or management. Danny Lewis hosts.
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[00:00:16] Here's your TNB Tech Minute for Monday, December 2nd. I'm Danny Lewis for The Wall Street Journal.
[00:00:22] Intel CEO Pat Gelsinger retired abruptly this weekend, ending a four-year run that saw the chipmaker fall behind its rivals in powering the artificial intelligence boom.
[00:00:32] During Gelsinger's tenure, Intel's sales and stock fell sharply, while the company embarked on a costly turnaround strategy to begin manufacturing chips for other firms.
[00:00:43] Intel's board has formed a search committee to find a replacement. In the meantime, two interim co-CEOs will run the company.
[00:00:51] The U.S. has introduced new restrictions on transferring cutting-edge chips to China. It's the Biden administration's fourth attempt in three years to curb China's access to the technology.
[00:01:02] The latest rules limit the sale of memory chips that power AI applications and narrowed the list of chipmaking tools available to China.
[00:01:10] But industry analysts say the months-long pause between drafting and releasing the rules allowed Chinese companies to stock up ahead of time.
[00:01:17] And server maker SuperMicroComputer says a final accounting review showed no evidence of fraud or mismanagement by the company's leaders or board.
[00:01:26] That's after former auditor Ernst & Young resigned in October, saying it could no longer rely on management's representations and questioned the board's independence.
[00:01:36] The final review by a special committee, and backed by outside counsel, said Ernst & Young's conclusions weren't supported by the facts it examined.
[00:01:45] SuperMicro said it would appoint a new chief financial officer, and that it will be able to complete the requirements to remain listed on the NASDAQ.
[00:01:53] Shares rose more than 28 percent.
[00:01:56] For a deeper dive into what's happening in tech, check out Tuesday's Tech News Briefing podcast.