Intel's (NASDAQ:INTC) decision to name Lip-Bu Tan as its new Chief Executive Officer has encouraged many on Wall Street, even if some questions remain about the fate of the embattled chipmaker. Shares soared 15% in early trading,

By Aditya Soni (Reuters) -Shares of Intel closed 14% higher on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker's direction,

Key Takeaways Intel shares surged Thursday after the struggling chipmaker named Lip-Bu Tan its new CEO, raising hopes for a turnaround. Bank of America and Deutsche Bank analysts highlighted the former Cadence Design Systems CEO's strong track record and experience in the semiconductor industry.

Intel’s foundry made $17.5 billion in revenue in 2024, a 7% drop from the previous year, while losing $13.4 billion.

Shortly after Intel announced his hiring Wednesday afternoon, new CEO Lip-Bu Tan greeted the chipmaker’s employees on a conference call promising a “new Intel” focused on pleasing customers and shareholders.

Intel shares popped more than 11% after announcing Lip-Bu Tan as its new CEO and Wall Street cheered the chipmaker’s attempt to turn around its business.