Intel Corp (INTC) Shares Surge as CEO Aggressive on Turnaround Plan
We recently published a list of . In this article, we are going to take a look at where Intel Corporation (NASDAQ:INTC) stands against other top-performing companies on Tuesday.
Intel Corp. extended its winning streak to a third straight day on Tuesday, adding 7.81 percent to close at $22.08 apiece as investors turned optimistic about the company's turnaround plan.
Its new CEO, Lip-Bu Tan, has been working on turning Intel Corporation (NASDAQ:INTC) to profitability, with the company said to have stopped accepting new projects unless they can demonstrate a projected gross margin of at least 50 percent.
Under his watch, any product projected to generate less than 50 percent gross margin will not move forward or receive engineering resources.
Additionally, Tan is reportedly reviewing—and potentially cancelling or restructuring unprofitable deals with other companies.
Since heading Intel Corporation (NASDAQ:INTC) earlier this year, Tan immediately restructured the company's workforce and leadership, continuing the layoff of 15,000 employees.
Intel Corporation (NASDAQ:INTC) was reportedly looking to cut its workforce by 20 percent to reduce bureaucracy and refocus on engineering.
A technician soldering components for a semiconductor board.
In the first quarter of the year, Intel Corporation (NASDAQ:INTC) widened its attributable net loss by 115 percent to $821 million from the $381 million in the same period last year. Net revenues were flat at $12.7 billion.
Overall, INTC ranks 3rd on our list of top-performing companies on Tuesday. While we acknowledge the potential of INTC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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