Intel (INTC) shares surged Thursday after the struggling chipmaker 澳洲幸运5官方开奖结果体彩网:named Lip-Bu Tan its new CEO, raising hopes for a turnaround. 

The stock jumped nearly 15% to close at $23.70, leading gains on the S&P 500, even as a 澳洲幸运5官方开奖结果体彩网:broader market sell-off dragged the index into a 澳洲幸运5官方开奖结果体彩网:correction. Still, Intel shares have lost nearly half🌄 their value over the past 12 months. 

Tan comes to Intel with a “solid track record of success” as the former CEO of Cadence Design Systems (CDNS), a semiconductor software company that has partnered with Intel, Bank of America analysts said, adding "we believe INTC has a greater opportunity to restructure/turn things around under his leadership.”

The analysts upgraded their rating for Intel's stock to “neutral” from "underperform" after the announcement, and raised their price target to $25 from $19.

Deutsche Bank analysts echoed their sentiments, calling Tan's appointment a "desirable outcome" for Intel, and highlighted his "extensive expertise in the semiconductor ecosystem." The bank maintained a $23 price target and "hold" rating.

The change in leadership follows months of speculation Intel could 澳洲幸运5官方开奖结果体彩网:sell parts of its business or 澳洲幸运5官方开奖结果体彩网:form new partnerships, with Tan's appointment potentially 🌳raising the chances of a strategic shift.

On Wednesday, Reuters reported Taiwan Semiconductor Manufacturing Company (TSM) 澳洲幸运5官方开奖结果体彩网: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. Such an arrangement “could aid INTC's potentܫial turnaround efforts under the incoming ﷽new CEO,” BofA analysts said. 

UPDATE—March 13, 2025: This article has been updated since it was first published to reflect more recent share price values.