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This case presents Intel''s strategic situation after the 1985 decision to exit the DRAM business. The decision marked a critical transition point for Intel since the company invented DRAMs and had historically viewed itself as ''the DRAM company''. Explores the subsequent evolution of the company and provides the student with the context to consider critical strategic issues facing the company in 1990. Focuses on technology strategy and its evolution throughout the company''s history, but it also develops key themes of corporate strategic renewal and the relationships between the company and its environment. The major themes concern: (1) the DRAM situation in 1990, (2) the rationalization of technology strategy with changing industry dynamics and paradigms, (3) the continuing implications for corporate strategy of tensions between commodity and proprietary business: EPROM and Flash, (4) changing modes of corporate entrepreneurship and strategic renewal: RISC vs CISC, Flash.