Intel was founded in 1968. It was started by two alumni of Fairchild Semiconductor: Gordon Moore (of Moore’s Law fame) and Robert Noyce, with the backing of legendary tech investor Arthur Rock. Andy Grove joined on the day of incorporation as one of Intel’s first employees.
I should note that this is a pretty good example of competitive arbitrage — basically, that every single American memory company died over the course of the 80s, a full ten years. Intel was also likely to die, if they hadn’t gotten out of memories by 1985.
In 7 Powers (Commoncog summary here), Hamilton Helmer actually uses this story to open the entire book. He notes that Intel had something with microprocessors that they didn’t have with memories. That thing is a ‘moat’, or a ‘Power’ (in his terminology).