Spent a long time at Intel, 34 years.

Probably one of the greatest American

companies ever and then absolutely went

off the rails. What were the mistakes?

>> I remember when I joined the executive

staff for the first time, probably 15 of

the 20 people that were in the room were

PhDs. It was just that technical. One of

the things that went off the rail was

when it started to be run by business

people

>> Yeah.

>> to technical people.

>> counters, the finance people.

>> Yeah. In the five years, five, six years

before I came back, Intel gave a hundred

billion dollars to shareholders.

>> Oh, the dividends.

>> And

>> And stock buybacks.

>> What I wouldn't have done for another

hundred billion dollars. They hadn't

built a new factory in a decade when I

got there. It's like, how can you not be

building? How could you not buy EUV

machines? You know, there's just all of

these things that you would only do as a

technologist because the economics

behind them by themselves were not good.

You look at the great technology

companies today, they're deeply

technical.

>> And founder-led, typically.

>> And even if they're not. You know, Satya

is not a founder. Sundar is not a

founder, but they're deeply technical

individuals. And when you're making

these hardcore technical decisions that

affect billions of dollars, you don't do

that through a spreadsheet.