The former CEO of Cadence Design Systems, steps in as the semiconductor manufacturer has lost market share.
The move comes after Intel ousted company veteran Pat Gelsinger more than two months ago.
CNBC's Kristina Partsinevelos joins 'Closing Bell Overtime' to talk breaking news on Intel.
With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won't be easy.
Intel appoints Lip-Bu Tan as new CEO, stock up 11%
Struggling U.S. chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18, more than two months after the it ousted company veteran Pat Gelsinger.
"There's more value in this name than anyone is recognizing at this point," says Kim Forrest when asked about Intel (INTC). According to her, Intel's key catalyst will be its foundry business that's gotten the attention of TSMC (TSM).
Investors and consumers have all grown weary of persistent inflation, and the state of the economy has been top of mind on Wall Street and Main Street alike. There was finally some good news on that front, as the latest read on inflation was better than expected, igniting a broad-based market rally.
Shares of Intel (NASDAQ:INTC) are up 4% heading into midday trading Wednesday on reports that the world's leading contract chipmaker, Taiwan Semiconductor Manufacturing (NYSE:TSM), has proposed a groundbreaking joint venture with U.S.
Intel stock jumps 5.36% on reports of a TSMC joint venture, but the stock remains in a strong downtrend.
Former Trump Deputy National Security Advisor Victoria Coates on Ukraine agreeing to a ceasefire proposal, the canceling of federal funding to Columbia University, the results of Greenland's election and her upcoming trip to the Panama Canal. #foxbusiness
Taiwan Semiconductor Manufacturing has pitched Nvidia and rival chip designers Advanced Micro Devices and Broadcom the idea of taking stakes in a joint venture to operate Intel's chip-fabrication operations, it was reported.