Caroline Woods brings you the biggest news of the day, including Intel’s new CEO
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00:00After struggling for years to keep up with its rivals,
00:03there may finally be some blue skies ahead for Intel.
00:06The chipmaker announced on Wednesday that it has appointed
00:09longtime industry veteran Lip Butan as CEO.
00:13Longtime Intel executive Pat Gelsinger resigned in December of 2024.
00:18Intel was once the world's largest producer of computer chips
00:21with its technology used in almost every PC on the market.
00:25However, Intel was slow to dive into both the mobile computing
00:28and AI booms that have defined the last decade,
00:31leading competitors like Nvidia to take its place
00:33at the top of the chip hierarchy.
00:35Gelsinger was brought back in to lead a turnaround
00:38but retired after failing to right the ship.
00:41In August of 2024, Intel announced it would lay off 15% of its staff
00:45as part of efforts to cut $10 billion in costs
00:48and was subsequently removed from the Dow Jones Industrial Average
00:51in November of the same year.
00:53Tan's appointment couldn't come at a more critical time,
00:56having served as CEO of a tech design firm for more than a decade,
01:00in addition to serving as a founding managing partner
01:02of Walden Catalyst Ventures, a top firm in the AI,
01:06semiconductor and cloud computing space.
01:09That'll do it for your daily briefing from the New York Stock Exchange.
01:12I'm Caroline Woods with The Street.