Intel rises after report on CEO's plans to overhaul manufacturing, AI operations
Shares of U.S. chipmaker Intel INTC.O rise 2% to $24.53 premarket
INTC's incoming CEO Lip-Bu Tan plans significant changes to chip manufacturing and AI strategies ahead of him taking charge on Tuesday, sources told Reuters
Tan's top priority is revamping manufacturing operations, plans to bring in new customers for manufacturing arm Intel Foundry
Also plans to restructure AI strategy and make staff cuts, telling employees "tough decisions" are needed at town hall meeting after his appointment last week
Last Thursday, shares rose 14% after co appointed Tan as CEO, who has been successful executive and tech investor
Separately, TSMC 2330.TW has pitched Nvidia NVDA.O, Advanced Micro Devices AMD.O and Broadcom AVGO.O about taking stakes in joint venture that would operate INTC's factories, Reuters reported earlier this month
Three of 45 brokerages rate stock "buy" or higher, 38 "hold" and four "sell" or lower; median PT is $23 - data compiled by LSEG
Up to last close, INTC up about 20% YTD
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