Benzinga | Oct 27, 2021 05:28PM EDT

Intel CEO Predicts Growth In Silicon Industry: 'Moore's Law Is Alive And Well'

Intel Corporation (NASDAQ:INTC) CEO Pat Gelsinger said that Moore's law -- the observation that transistors in a chip double every two years -- took a beating over the recent years but is now once again in force.

What Happened: Gelsinger said at Intel's online Innovation Day event Wednesday that "Moore's law is alive and well" and the firm expects to maintain or exceed its rate of progress for the next decade, according to a CNET report.

CNET describes Gelsinger's statement as "bold" given that the firm struggled to advance its chip manufacturing over the last five years and lost its market leadership to Taiwan Semiconductor Manufacturing Co. and Samsung.

Still, such a claim shows that Intel is not ready to go down without a fight and is willing to do what it can to reclaim its previous position and advance chipmaking.

While definitely impressive, this would be far from being an unprecedented achievement for the company. Moore's law is named after Intel co-founder Gordon Moore, who posited the firm had to double the number of transistors in chips every year (effectively doubling processing speeds) in 1965.

In 1975, the rule was changed to every two years due to difficulties in progressing further. Moore's prediction mostly held since 1975.

While nowadays Moore's law is often intended as a doubling of processing performance, Gelsinger was referring to the number of transistors in chips. He has even said the firm expects "to even bend the curve faster than a doubling every two years."

INTC Price Action: Intel shares lost 0.81% Wednesday, closing at $47.89.