Intel's 35th Anniversary History Booklet

Starting a silicon revolution, also known as the “Fairchild Brain Drain,” Bob Noyce and Gordon Moore leave Fairchild Semiconductor and incorporate a new venture as NM Electronics on July 18. Noyce and Moore each contribute $245,000 to the new company. Venture capitalist Arthur Rock contributes $10,000 and raises an additional $2.5 million by selling convertible debentures. Rock is named chairman, Bob Noyce becomes chief executive officer (CEO), and Gordon Moore becomes executive vice president. The company starts operations in a leased building at 365 Middlefield Road in Mountain View, California. Intel purchases the rights to use the Intel name from a company called Intelco for $15,000.