Intel shares surged 10%, as investors cheer appointment of new CEO Tan

Shares of Intel surged 10% in premarket activity, as Wall Street cheered the decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker’s direction, after several years of market underperformance.

Tan will be tasked with reviving the company’s fortunes after it missed out on the artificial intelligence-driven semiconductor boom while plowing billions of dollars into building out its chip-making business.