1101 GMT - Intel's appointment of Lip-Bu Tan as chief executive gives hope that the chip maker can be kept alive despite continually losing market share to Taiwan Semiconductor Manufacturing Co., Quilter Cheviot's Ben Barringer writes in a research note. "Tan is a highly respected individual, but he has his work cut out turning around the fortunes of Intel and making it competitive once again," he says. Former CEO Pat Gelsinger pursued a costly plan to double down on building new factories to catch up with rivals. That move was blamed for ultimately wiping out $150 billion in market value since his appointment as CEO in 2021. Intel shares are up 11% premarket at $23.04. (mauro.orru@wsj.com)
(END) Dow Jones Newswires
March 13, 2025 07:01 ET (11:01 GMT)
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