Intel (INTC) named Lip-Bu Tan its new CEO, sending the chipmaker's stock higher in after-hours trading Wednesday.

Tan, who is set to take the helm of Intel as of next Tuesday, is the former CEO of Cadence Design Systems (CDNS), a semiconductor software company that counts Intel among its partners.

Tan will succeed interim Co-CEOs David Zinsner and Michelle Johnston Holthaus, who have shared the position since 澳洲幸运5官方开奖结果体彩网:Pat Gelsinger retired in December. The pair will retain their roles as chief financial officer and CE﷽O of Intel Products, respectivel🎐y. 

Shares of Intel soared over 10% in after-hours trading Wednesday following the news, after gaining close to 5% during the regular session on 澳洲幸运5官方开奖结果体彩网:reported deal talks amid a 澳洲幸运5官方开奖结果体彩网:broader rally for tech stocks.

Tan's Appointment Follows Deal Speculation

Tan could face a number of challenges to engineer a turnaround for the struggling chipmaker, with his appointment following months of speculation Intel 澳洲幸运5官方开奖结果体彩网:could sell parts of its business or 澳洲幸运5官方开奖结果体彩网:form new partnerships. 

Earlier Wednesday, Reuters reported Taiwan Semiconductor Manufacturing Company (TSM) approached several other chip firms including Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) about forming a joint venture to run Intel’s foundry division. TSMC, Broadcom, and Qualcomm (QCOM) have also reportedly 澳洲幸运5官方开奖结果体彩网:considered bids to acquire parts of Intel.

Reports of potential deals with rivals were some of the few things that lifted Intel's stock this year, with shares up about 3% since the start of the year through Wednesday's close, after a difficult 2024 that saw shares lose over half of their value. 

Wall Street analysts have previously suggested the appointment of a new CEO and changes to the company's turnaround strategy would be 澳洲幸运5官方开奖结果体彩网:positive catalysts for the stock, though they warned Intel's issues could take considerable time to work through.

UPDATE—March 12, 2025: This article has been updated since it was first published to include additional information and reflect more recent share price values.