Intel shares surge as investors cheer appointment of new CEO Lip-Bu Tan

Incoming head is tasked with reviving chipmaker's fortunes after it experienced heavy losses over the past several years

• Never miss global breaking news. Download our free app to keep up with key stories in real time.

Shares of Intel surged nearly 15% on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO. Tan left in August over differences about the chipmaker's direction after the company suffered several years of market underperformance.

Tan will be tasked with reviving the company's fortunes after it missed out on the artificial intelligence-driven semiconductor boom while plowing billions of dollars into building out its chip-making business. Intel has posted several quarters of market share losses in data centers and PCs, as well as billion-dollar losses in its manufacturing business, and over the past five years, the stock has lost about 60% of its value, a period of time when the Nasdaq Composite Index and S&P 500 have both more than doubled.