Intel (NASDAQ: INTC), which hopes to regain its once-powerful position on the chip market, has made an important hire for a critical manufacturing unit. It chose a veteran in that industry, and investors rewarded the company by pushing its stock more than 2% higher on Monday. That performance looked good when compared to the flat trajectory of the S&P 500 index on the day.

A new head of an important business unit

That hire is Kevin O’Buckley, whose tenure started that day. As general manager of Intel’s foundry services, its contract chip-making unit, O’Buckley will report directly to CEO Pat Gelsinger. The incoming chief succeeds Stuart Pann, who is retiring from the company after a 35-year tenure but will serve as an advisor to its operations.

O’Buckley is a longtime veteran of the semiconductor industry. Immediately prior to his hiring at Intel, he was senior vice president at Marvell Technology where in a nearly five-year stint he served as general manager of that company’s application-specific integrated-circuits (ASIC) business, among other positions.

Prior to that, among other companies and positions, he worked for nearly 18 years at IBM in a variety of management roles. The latest of these was director of technology development.

Visions of an AI-powered future

Intel hopes O’Buckley’s extensive experience will help it become a power player in chips for artificial intelligence (AI) in particular.

The company quoted CEO Gelsinger as saying that

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Intel, International Business Machines, and Marvell Technology and recommends the following options: long January 2025 $45 calls on Intel and short May 2024 $47 calls on Intel. The Motley Fool has a disclosure policy.

Why Intel Stock Zoomed Higher on Monday was originally published by The Motley Fool

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