Ever since he took office, Mr Gelsinger has sought to restore Intel to its earlier glory; the Biden administration, keen to return chipmaking to America’s shores, touts Intel as a national champion. But the latest earnings are a reminder of just how woefully the firm lags behind the likes of Nvidia and TSMC, and how long it can take to catch up in an industry that operates on lengthy investment timescales. It carries a warning to governments, too, that picking winners will not be easy.