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Robert Noyce and Gordon Moore incorporate N M Electronics, which is soon renamed Intel Corporation. Intel debuts the Pentium III and is added to the Dow Jones Industrial Average. Intel's founders, Robert Noyce and Gordon Moore, were among the eight founders of Fairchild Semiconductor, established in 1957. While at Fairchild, Noyce and Moore invented the integrated circuit, and, in 1968, they decided to form their own company. They were soon joined by Andrew Grove, a Hungarian refugee who had arrived in the United States in 1956 and joined Fairchild in 1963. Grove would remain president and CEO of Intel into the 1990s. Noyce and Moore's scanty business proposal belied a clear plan to produce large-scale integrated (LSI) semiconductor memories. At that time, semiconductor memories were ten times more expensive than standard magnetic core memories. Costs were falling, however, and Intel's founders felt that with the greater speed and efficiency of LSI technology, semiconductors would soon replace magnetic cores. Within a few months of its startup, Intel produced the 3101 Schottky bipolar memory, a high-speed random access memory (RAM) chip. The 3101 proved popular enough to sustain the company until the 1101, a metal oxide semiconductor (MOS) chip, was perfected and introduced in 1969. The following year, Intel introduced the 1103, a one Kilobyte (K) dynamic RAM, or DRAM, which was the first chip large enough to store a significant amount of information. With the 1103, Intel finally had a chip that really did begin to replace magnetic cores; DRAMs eventually proved indispensable to the personal computer. Although Intel initially focused on the microprocessor as a computer enhancement that would allow users to add more memory to their units, the microprocessor's great potential--for everything from calculators to cash registers and traffic lights--soon became clear. The applications were facilitated by Intel's introduction of the 8008, an 8-bit microprocessor developed along with the 4004 but oriented toward data and character (rather than arithmetic) manipulation. The 8080, introduced in 1974, was the first truly general purpose microprocessor. For $360, Intel sold a whole computer on one chip, while conventional computers sold for thousands of dollars. The response was overwhelming. The 8080 soon became the industry standard and Intel the industry leader in the 8-bit market. In response to ensuing competition in the manufacture of 8-bit microprocessors, Intel introduced the 8085, a faster chip with more functions. The company was also developing two more advanced projects, the 32-bit 432 and the 16-bit 8086. The 8086 was introduced in 1978 but took two years to achieve wide use, and, during this time, Motorola produced a competing chip (the 68000) that seemed to be selling faster. Intel responded with a massive sales effort to establish its architecture as the standard. When International Business Machines Corporation (IBM) chose the 8008, the 8086's 8-bit cousin, for its personal computer in 1980, Intel seemed to have beat out the competition. Another major development at Intel during this time was that of peripheral controller chips. Streamlined for specific tasks and stripped of unneeded functions, peripheral chips could greatly increase a computer's abilities without raising software development costs. One of Intel's most important developments in peripherals was the coprocessor, first introduced in 1980. Coprocessor chips were an extension of the CPU that could handle specific computer-intensive tasks more efficiently than the CPU itself. Once again, innovation kept Intel ahead of its competition. Intel's rapid growth, from the 12 employees at its founding in 1968 to 15,000 in 1980, demanded a careful approach to corporate culture. Noyce, Moore, and Grove, who remembered their frustration with Fairchild's bureaucratic bottlenecks, found that defining a workable management style was important. Informal weekly lunches