Intel Pops 13% as Chipmaker Taps New Ceo, Wall Street Backs Turnaround Efort

Intel Shares Popped more than 13% after the struggling chipmaker Named lip-pu tan its new ceo And Wall Street Cheered The Turnard Attempt.

Tan Previous Served as Ceo of Chip Software Maker and Intel Supplier Cadence Design SystemsAnd will rejoin the board after department last year. He replaces interim co-sex david zinsner and mj holthaus who took the helm of the company after form Ceo pat gelsinger’s outing in December.

The news brings an end to a tumultuous period for the once iconic American semiconductor company that’s shed bills in market value Broader industry. Intel’s Board Forced out gelsinger Late last year as confidence dwindled in his ability to turn Around the company.

Wall street appeared to support intelly’s decision, with deutsche bank analyst ross seymore calling the appointment a “desirable outset.” Tan’s semiconductor Industry Experience and Prior Board Position also also Prime Him to “Meet the Demands” of the Role, He Added.

UBS Analyst Timothy Arcuri also called Attention to Tan’s Relationships With China and Taiwan and “History of Creating Sharehlder Value” as Another Potential Potential Positive For Intel.

Tan “is likely to brings a customer service mindset to the company that is increasing important to their goals but which has been located,” Wrote Bernstein’s Stcy Rasgon. “We like him; He was at the top of our list of candidates from a desirability point of view, and we are genuinely happy for the company that he has taken the job.”

Intel Stock has gained about 3% this year after shearly two-thirds of its market value in 2024. Worst decline in 50 years After cutting 15% of its workforce and isesuing disappointing results.

The company’s underperformance and struggling business has also made it a potential takeover target, with cnbc confirming in September that Qualcomm Had Approached the company about a takeoverLast month, the Wall Street Journal Reported That broadom and taiwan semiconductor manufacturing was Weighing independent deals to break up intel,