Intel Stock Leads Nasdaq Gainers Amid Report of New CEO’s Turnaround Plan | Global News Avenue

Intel(INTC) Stocks are the biggest beneficiaries Nasdaq This is the biggest S&P 500 Nearly 8% of the deal was traded on Monday after a report on incoming CEO Lip-Bu Tan’s plan to reverse a beleaguered chipmaker plan.

To cite two people familiar with Tan’s thoughts, Reuters Reports say he is considering manufacturing processes and other “significant changes” to Intel Artificial Intelligence (AI) Strategy.

Tan, who Will take over the highest job on Tuesdayreplacing Pat Gelsinger, who Retired at the end of last year. Analyst and investor Intel’s appointment announced last Wednesday cheered.

Report

Reuters Tan is weighing Intel’s mid-level management rating and plans to prioritize bringing new customers to its foundry business, reported Monday. Gelsinger has Move to expand Its contract manufacturing business competes with global players such as Taiwan Semiconductor Manufacturing Corporation ((TSM).

The report said analysts and Intel executives told the media that inviting “at least two large customers to produce large amounts of chips” could make the Foundry business successful. Intel did not respond immediately Investopedia Request a comment.

The company said Friday that TAN would receive $1 million in initial base salary, adding that he agreed to buy about $25 million in Intel stock in the first month of his job.

Despite Monday’s earnings, Intel’s share price fell about 40% from the same period last year.