Mr Gordon Moore, cofounder of Intel Corporation and one of the pioneers of Silicon Valley, will retire as chairman emeritus of the world's biggest chip-maker today after 33 years with the company.

He will be best remembered for developing Moore's law: The power of the silicon chip will double every 18 to 24 months, accelerating the pace of technological change.

Born in San Francisco, California, in 1929, Mr Moore earned a B.S. in chemistry from the University of California at Berkeley, and a Ph.D. in chemistry and physics from the California Institute of Technology.

In 1968 he co-founded Intel with Mr Bob Noyce, a fellow employee at the semiconductor firm Fairchild. San Francisco venture capitalist Mr Art Rock backed the start-up Intel with $2.5 million (€2.9 million).

Intel now has a market capitalisation of about $180 billion.

In a recent interview with the New York Times, Mr Moore spoke about the implications of high-speed technology.

"The exponential nature of change is what Moore's law is all about," he said.

"The collective effect is large and generally positive. If you look at the way a lot of things are influenced by the rapid flow of technology - learning things faster, our medical systems are greatly improved, automobiles are more reliable."

Intel would have the opportunity to grow as long as it avoided making mistakes, he said.