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Takeaways from the Key Takeaways
- Shares of Intel, Monday's biggest Nasdaq gainer, are extending their increases in premarket trading as CEO Lip-Bu Tan begins his role at the helm of the struggling chipmaker.
- Tan replaces Pat Gelsinger. Gelsinger retired late last year, after failing to turn things around at the company.
- Intel shares are up 1% in premarket trade after soaring nearly 7 % yesterday. However, they have lost almost 40 % of their value over the past year.
The shares of Intel (INTC), the biggest Nasdaq gainer on Monday, are continuing to rise in premarket trade as CEO Lip Bu Tan takes over the struggling chipmaker.
Tan replaces Pat Gelsinger who retired in late 2013 after failing to turn the U.S. Chipmaker around. Intel’s artificial Intelligence (AI), under Gelsinger, struggled with global players like Taiwan Semiconductor Manufacturing Co.
Reuters reported Monday that Tan is considering "significant changes" to Intel's chip manufacturing processes and AI strategies. Tan is considering cuts to its middle management ranks and revamping its contract manufacturing business, the report said.
Analysts and Investors have praised Tan’s nomination, which Intel announced on Wednesday. Tan is the former CEO Cadence Design Systems, a semiconductor software firm that counts Intel as a partner.
Intel shares are up 1% in premarket trade after soaring nearly 7 % yesterday. However, they have lost almost 40 % of their value over the past year.
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Reuters. "Exclusive: Intel's new CEO plots overhaul of manufacturing and AI operations."
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