Key Takeaways
- Intel shares jumped nearly 8% Monday following a Reuters report on the turnaround plans of incoming CEO Lip-Bu Tan, who is set to start his new job Tuesday.
- Tan reportedly is considering trimming Intel’s middle management ranks and revamping its contract manufacturing business.
- Intel stock was the biggest gainer on the Nasdaq and one of the biggest on the S&P 500.
Intel (INTC) stock was the biggest gainer on the Nasdaq and one of the biggest on the S&P 500 on Monday, trading up nearly 8% following a report on incoming CEO Lip-Bu Tan’s plans to turn around the struggling chipmaker.
Citing two people familiar with Tan’s thinking, Reuters reported that he is considering “significant changes” to Intel’s manufacturing processes and its artificial intelligence (AI) strategies.
Tan, who is set to take over the top job Tuesday, is replacing Pat Gelsinger, who retired late last year. Analysts and investors have cheered the…
