Intel shares powered higher in early Thursday trading after the struggling chipmaker named industry veteran and former board member Lip-Bu Tan as its new CEO, sparking a fresh round of speculation on its plans to split into two separate companies.

Intel named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turn itself around. Shares stood 15% higher in midday trading. 🔎 Dig deeper

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,