The semiconductor industry is on the cusp of a revolution, and Pat Gelsinger, former CEO of Intel, is at the forefront of this change. Despite being pushed out of Intel, Gelsinger is still waking up at 4 a.m., driven by his passion for innovation and his mission to continue Moore’s Law, the principle that computing power should double every two years. His focus is now on xLight, a semiconductor startup that has captured an outsized share of his attention. As the executive chairman of xLight, Gelsinger is working tirelessly to bring the company’s groundbreaking technology to life.
xLight is developing massive “free electron lasers” powered by particle accelerators that could revolutionize chip manufacturing. The startup plans to build machines roughly 100 meters by 50 meters, about the size of a football field, that will sit outside semiconductor fabrication plants. These free electron lasers would generate extreme ultraviolet light at wavelengths as precise as 2 nanometers, far more powerful than the 13.5 nanometer wavelengths currently used by ASML, the Dutch giant that dominates the EUV lithography market. The technology has the potential to solve the semiconductor industry’s biggest bottleneck: lithography, the process of etching microscopic patterns onto silicon wafers.
The xLight deal has also shone a spotlight on a trend that’s making people in Silicon Valley quietly uncomfortable: the government taking equity stakes in strategically important companies. The U.S. Commerce Department has announced a preliminary deal to invest up to $150 million in xLight, with the government set to become a meaningful shareholder. While some have criticized the administration’s approach as overreach, Gelsinger is unapologetic, framing it as necessary for national competitiveness. He believes that the government’s investment will drive results and help reinvigorate the country’s industrial policies.
Gelsinger’s relationship with the Trump administration has added another layer to the story. He brought up xLight to Commerce Secretary Howard Lutnick back in February, before Lutnick was confirmed. The new arrangement has drawn criticism from some who view the administration’s approach as overreach. However, Gelsinger is confident that the investment will benefit the country and the industry. He points to energy policy as another example, noting that many competitive countries are moving forward with policies necessary to accomplish their competitive outcomes, while the U.S. is lagging behind.
xLight has raised $40 million from investors, including Playground Global, and is planning another fundraising round next month. The company has also signed a letter of intent with New York to build its first machine at the New York CREATE site near Albany. For Gelsinger, xLight is clearly more than just another portfolio company. It’s a chance to cement his relevance in the semiconductor industry that he helped build, even if his methods put him at odds with Silicon Valley’s traditional ethos.
As a CEO and a venture capitalist, Gelsinger believes that his job is to accomplish the business objective, serve his investors, and serve his shareholders. He must navigate through different policies and administrations, remaining above the fray. He is confident that xLight’s technology will drive results and benefit the country, and he is excited to be a part of this journey. With his passion for innovation and his mission to continue Moore’s Law, Gelsinger is poised to make a significant impact on the semiconductor industry.
The future of xLight looks promising, with the company aiming to produce its first silicon wafers by 2028 and have its first commercial system online by 2029. As the competitive landscape heats up, with companies like Substrate announcing plans to develop U.S. chip fabs, xLight is well-positioned to capitalize on the growing demand for advanced semiconductor technology. With Gelsinger at the helm, xLight is poised to revolutionize the industry and drive innovation forward. The question on everyone’s mind is: can xLight deliver on its promises and change the game for the semiconductor industry? Only time will tell, but one thing is certain – Pat Gelsinger is all in, and he’s not going to let anything get in his way.
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