Intel shares surged 10% in extended trading following the announcement of Lip-Bu Tan as the new CEO. Tan, a former board member and chip industry veteran, succeeds interim Co-CEOs David Zinsner and Michelle Johnston Holthaus. This appointment comes amid reports of Taiwan Semiconductor Manufacturing Company (TSM) approaching Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) to form a joint venture for Intel’s foundry division.
Intel shares have declined over 50% in the past year due to challenges in the AI chip market and restructuring efforts. The stock jumped to $22.84 after the CEO announcement.
Technical analysis suggests Intel shares may be forming a market bottom after a sharp decline in August. Key overhead areas to watch include $22, $26, and $30, with major support near $19. Investors should monitor these levels for potential trend changes.
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