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,

Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

Intel (NasdaqGS:INTC) experienced a share price increase of 5% over the past month, coinciding with a significant executive transition. The appointment of Lip-Bu Tan as CEO, effective mid-March, appeared to have fostered positive investor sentiment,