Intel is working with advisors, including Morgan Stanley, to defend itself against potential activist investors. Although no formal activist campaign has been launched, Intel's challenges have intensified. The company is losing its position as the largest U.S. chipmaker by revenue to Nvidia. Intel has also lagged behind competitors like AMD, Broadcom, Qualcomm, and Texas Instruments. The company recently announced a significant workforce reduction as part of a $10 billion cost-cutting plan, and it is grappling with missing out on the AI and smartphone booms.