Intel is finally showing promising signs of recovery after a prolonged period of challenges. Following the announcement of Lip-Bu Tan as the new CEO, the company’s stock price rose nearly 15% in a single day.

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The positive market response stems largely from the expectations associated with Tan’s leadership, a seasoned veteran in the semiconductor industry. Additionally, employees at Intel celebrated a significant milestone at the company’s Arizona manufacturing facility.

As it stands, Intel’s stock is priced at $23.88, which is over 20% higher than the trading figures from just a few days prior. The company still has a substantial way to go to reach its previous highs of over $65 per share recorded back in 2021.

Amid these developments, engineering manager Pankaj Marria expressed pride in leading efforts in the company’s key 18A process node, indicating that production could commence sooner than originally anticipated.

Intel is aiming to position itself as a competitor against TSMC, showcasing its advancements to the broader semiconductor market. As the industry watches closely, the momentum appears favorable for Intel’s resurgence.