Former Intel CEO Pat Gelsinger Bets on Light to Revive Moore's Law
Former Intel CEO Pat Gelsinger has joined venture capital firm Playground Capital, focusing on semiconductor startups that use advanced lithography techniques to overcome physical limits and reaccelerate Moore's Law. He also advocates for energy innovation and AI regulation.
After stepping down as Intel CEO in late 2024, Pat Gelsinger spent 100 days in 100 meetings to determine his next move. He eventually joined Playground Capital as a general partner in March 2025, a venture capital firm specializing in deep technology. Gelsinger's primary goal is to support a new wave of semiconductor startups that could revive Moore’s Law — the observation that transistor density doubles roughly every two years. That trend has slowed as chipmakers approach the physical limits of miniaturization.
Gelsinger believes the key lies in lithography, the process of etching chips with light. Current state-of-the-art lithography, developed by Dutch company ASML, uses 13.5-nanometer wavelength light. Gelsinger wants to push beyond that to shorter wavelengths using free-electron lasers, potentially reaching 5, 4, 3, or even 2 nanometers. He has taken a board seat at xLight, a Playground portfolio company that is developing novel lithography techniques and has received U.S. government funding. He describes solving the light problem as the hardest challenge in semiconductors.
Gelsinger argues that the rise of artificial intelligence has dramatically expanded opportunities for deep tech venture capital. The semiconductor industry originally aimed for $1 trillion in revenue by 2030, but he now expects that milestone to be reached in 2025. Despite many VCs pivoting to deep tech, he contends that few have the technical expertise to identify winning startups. His team at Playground includes engineers, PhDs, and professors who conduct rigorous technical due diligence.
Energy is another critical bottleneck. Gelsinger notes that U.S. energy capacity has grown by only low single digits over the past decade, which he calls "despicable." He advocates for innovation in nuclear power, including upgrading existing plants, as well as improvements in chip efficiency and power distribution. One of Playground’s portfolio companies, Alva Energy, focuses on nuclear upgrading.
On AI regulation, Gelsinger supports a balanced approach. He believes the industry should voluntarily provide transparency about training data and benchmark testing, but if that fails, government intervention may be necessary. Overall, he wants U.S. leadership in foundational AI models while ensuring they align with Western values.
