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Intel +8% on report new CEO to Overhaul Chip Design and Manufacturing, Consider Cost Cuts

Benzinga ·  Mar 17 14:31

$Intel (INTC.US)$ rose some 8% intraday Monday after Reuters reported that new CEO Lip-Bu Tan plans to overhaul the company's chip design and manufacturing businesses.

INTC gained as much as 8.7% to a $26.15 intraday high in early trading Monday after the news agency said Tan also intends to restart Intel's AI efforts, and will consider further cuts to reduce bloat.

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