“SUCCESS BREEDS complacency. Complacency breeds failure. Only the paranoid survive.” So said Andy Grove, the Hungarian emigré who helped build Intel from a scrappy startup in the 1960s into the firm that did more than perhaps any other to put the “silicon” in Silicon Valley. They will be ringing in the ears of Pat Gelsinger, the firm’s new boss, who began his job on February 15th.

Mr Gelsinger is taking the helm of a company that looks, from some angles, to be in rude health. With $78bn in revenue in 2020, it is the world’s biggest chipmaker by sales. It has a 93% share of the market for powerful—and lucrative—chips that go into data-centre computers, an 81% share in desktop PCs, and operating margins of around 30%.