Intel CEO Lip-Bu Tan Begins Overhaul to Revive Struggling Chipmaker

Tan's strategy includes job cuts, AI chip development, and revitalizing Intel's foundry business to regain competitiveness after a $19 billion loss.

Lip-Bu Tan officially assumes the role of Intel CEO, focusing on restructuring operations and addressing financial and competitive challenges.
Plans include significant job cuts in middle management, which Tan views as slow-moving and inefficient.
Intel aims to revitalize its foundry business to attract major clients and compete with industry leaders like TSMC and Nvidia.
AI chip advancements, including the Panther Lake architecture, are a key focus, though significant progress is not expected until 2027.
Investor optimism has surged, with Intel's stock rising 8% following reports of Tan's strategic vision and leadership approach.