Intel appoints Lip-Bu Tan as new CEO, shares surge over 10%
From StockTwits: 2025-03-12 23:00:16
Lip-Bu Tan, former CEO of Cadence Design Systems, is set to become the new CEO of Intel, replacing interim CEOs David Zinsner and MJ Holthaus. Shares of Intel Corp. surged over 10% in after-hours trading after the announcement. Tan will be Intel’s fourth full-time CEO in seven years. Intel is currently in discussions about potentially having its foundry business taken over by competitors like TSMC. The latest update from Intel values its foundry business at $108 billion as of December 31, 2024. Analysts at Wells Fargo view Tan’s appointment positively, with a price target of $25 for the stock. Retail sentiment on platforms like Stocktwits has also seen a significant increase following Tan’s appointment, with users showing optimism about his ability to turn around Intel’s fortunes.
Read more at StockTwits: Intel Stock Pops Aftermarket On New CEO Appointment: Retail Turns Bullish