Intel’s (INTC) shares are jumping in premarket after the company found a new CEO willing to take on the tough job of turning around the struggling US chipmaker.
New boss Lip-Bu Tan is a former Intel board member who’s managed to stay under the radar while wielding significant influence in the chip industry.
Tan is taking over Intel in the midst of one of the darkest eras in the company’s history. The chipmaker has lost its lead in process manufacturing to rival chip builder TSMC (TSM) and ceded its opportunity to dominate in the AI space to Nvidia (NVDA), Yahoo Finance’s Daniel Howley reports.
The new CEO has already said he’ll keep working to make Intel a top foundry, making chips for others in the industry. That’s seen as signal he won’t split up its design and manufacturing businesses, as the likes of rivals TSMC and Broadcom (AVGO) eye its factories.