Intel tops S&P 500 after report on CEO's plans to overhaul manufacturing, AI operations
ReutersMar 17, 2025 4:14 PM
Shares of U.S. chipmaker Intel INTC.O rise 7.5% to $25.87, reaching a more than three-week high
Company is top gainer on the S&P 500 .SPX index
INTC's incoming CEO Lip-Bu Tan plans significant changes to chip manufacturing and AI strategies ahead of him taking charge on Tuesday, Reuters reported on Monday
Tan's top priority is revamping manufacturing operations and he plans to bring in new customers for manufacturing arm Intel Foundry - report
Tan also plans to restructure AI strategy and make staff cuts; "Tough decisions" are needed, Tan told employees at a town hall meeting after his appointment last week
Last Thursday, shares rose 14% following Tan's appointment as CEO
*Up to the last close, INTC up about 30% YTD
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