Tan will have his work cut out for him, as Intel has lost much of its market share after missing the AI boom. Shares of Intel Corporation (NASDAQ:INTC) surged more than 15% on Thursday as Wall Street welcomed the chipmaker’s appointment Wednesday of new CEO Lip-Bu Tan,

Intel (NasdaqGS:INTC) experienced a share price increase of 5% over the past month, coinciding with a significant executive transition. The appointment of Lip-Bu Tan as CEO, effective mid-March, appeared to have fostered positive investor sentiment,

Lip-Bu Tan is seen as a “transformative” leader who will move to cut costs. But both halves of Intel’s business require major fixes.