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Intel Corp. will see the retirement of three board members—Omar Ishrak, Tsu-Jae King Liu, and Risa Lavizzo-Mourey—who will not seek reelection at the annual shareholder meeting on May 6, reducing the board to 11 members. This change follows the appointment of new independent directors and comes after CEO Lip-Bu Tan replaced Pat Gelsinger amid concerns over the company's recovery pace. Chairman Frank Yeary emphasized the need for a balanced mix of skills and expertise on the board.
Intel is revamping its chip design and foundry strategy under new CEO Lip-Bu Tan, aiming to attract major clients like Nvidia and Broadcom. The company is advancing its 18A manufacturing process and enhancing packaging innovations to compete with TSMC. Tan's leadership has already boosted Intel's stock by approximately 25%, with a focus on AI chip production and a significant overhaul of Intel Foundry.
Google has agreed to acquire cybersecurity startup Wiz for $32 billion, enhancing its cloud security features. Meanwhile, Nvidia unveiled new AI chips at its GTC conference, while computer programming jobs hit a 40-year low, partly due to the rise of generative AI tools. Intel's new CEO, Lip-Bu Tan, is expected to implement significant changes to revive the company, focusing on AI strategies and customer acquisition.
Intel's new CEO, Lip-Bu Tan, will receive a $1 million annual salary and approximately $66 million in stock options and grants, as disclosed in an SEC filing. His compensation package includes $14.4 million in long-term stock grants, $17 million in performance-based grants, and a $25 million new hire grant. Tan, who starts next week, is also eligible for a $2 million annual bonus and has committed to purchasing $25 million in Intel shares to qualify for his grants and bonuses.
Intel's new CEO, Lip-Bu Tan, will receive a $1 million annual salary and approximately $66 million in stock options and grants, as disclosed in an SEC filing. His compensation package includes $14.4 million in long-term stock grants, $17 million in performance-based grants, and a $25 million new hire grant. Tan, who starts next week, has committed to purchasing $25 million in Intel shares, aligning his interests with long-term shareholder value.
US trade sanctions are impacting American companies, with Intel facing significant challenges, including workforce reductions and leadership changes. In contrast, Huawei has adapted by diversifying its business and returning to profitability, despite initial setbacks from sanctions. The company continues to innovate in telecommunications, AI, and cloud services, demonstrating resilience in a shifting global market.
Intel is set to announce its Q4 and full-year 2024 financial results on January 30, 2025, with analysts projecting a revenue drop to $13.81 billion and EPS of $0.12. The company faces scrutiny over its AI chip development amid competitive pressures and leadership changes, impacting investor confidence. Key segments show mixed performance, with the Client Computing Group expected to grow while Data Centre and AI revenues decline.
Intel's stock is currently undervalued, trading at just 1.6 times sales and 0.9 times book value, despite significant investments in chip-making infrastructure. The company is pivoting towards a foundry business model, which could lead to substantial long-term growth as demand for AI hardware rises. While it may not regain its former dominance, Intel is positioned for potential market-beating returns in the coming years.
ServiceTitan Inc. saw its shares surge 42% in its stock market debut, raising approximately $625 million through its IPO, which valued the company at $6.3 billion. The Glendale-based software maker, catering to trade businesses, sold 8.8 million shares at $71 each, exceeding its initial price target. With a revenue increase of 24% year-over-year, ServiceTitan aims to leverage IPO proceeds for strategic initiatives, including stock buybacks and further acquisitions.
U.S. markets showed mixed results, with the S&P 500 and Nasdaq reaching new highs, while the Dow dipped. Investor sentiment remains high, with over half expecting stock prices to rise, although analysts caution that optimism may be based on fragile foundations. Concerns about high valuations persist, yet some believe the bull market is fundamentally driven.
Patrick P. Gelsinger
People
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Intel board members retire ahead of annual shareholder meeting
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