In August 1957, they reached an agreement with Sherman Fairchild, and on September 18, 1957, they formed Fairchild Semiconductor. The newly founded Fairchild Semiconductor soon grew into a leader in the semiconductor industry. In 1960, it became an incubator of Silicon Valley and was directly or indirectly involved in the creation of dozens of corporations, including Intel and AMD.[1] These many spin-off companies came to be known as "Fairchildren".