When Pat Gelsinger came back to Intel, hopes ran high that he would restore one of Silicon Valley’s most famous brands to its former glory. Only two and a half years later, Gelsinger is gone, and the storied chipmaker is hemorrhaging cash and facing an uncertain future.

Computer chip maker Intel announced the retirement of chief executive Pat Gelsinger on Monday, raising new questions about the company’s future even as the United States is set to give it billions of dollars to build up the country’s ability to manufacture chips at home.