Saying that chip stock Intel (INTC) has been on a comeback trail of late is not exactly saying anything controversial. But Intel has also been picking up new executives to help keep new life in the business as well. Intel recently brought in former Qualcomm (QCOM) vice president Alex Katouzian to head up PC and physical artificial intelligence (AI) business. This was oddly displeasing to investors, though, as Intel shares slipped over 3% in Monday afternoon’s trading.
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The PC group, or “client computing” as Intel calls it, was previously Jim Johnson’s department. Johnson has 42 years of experience at Intel, and is actually one of the few senior executives who work in Oregon. But Johnson will be moving elsewhere, and apparently will report direct to Katouzian now. It is unclear just where Katouzian will work from, though with Johnson as one of his direct reports, he could very well be anywhere.
Intel also established Pushkar Ranade as Chief Technology Officer. Ranade was formerly interim CTO, but will now have the position permanently. He also serves as chief of staff for Lip-Bu Tan. Intel has been frantically clawing its way back from years of less-than-helpful developments, and it has not been shy about pulling from other companies to help make that happen.
Further Shift for Lip-Bu Tan
Meanwhile, Lip-Bu Tan has another new role, though not a role at Intel. He is now part of the board of directors at PsiQuantum, PsiQuantum is currently in the midst of expanding its production operations, helping move the entire industry along toward quantum computing.
For his part, Tan is no stranger to quantum computer investment. The venture capital firm he chairs, A&E Investments, has been backing quantum computing development for some time. In fact, A&E put funding into PsiQuantum as far back as 2019, when A&E invested in PsiQuantum’s Series C round. Tan recently remarked on PsiQuantum’s operations, saying, “Their focus on fault-tolerant systems that can be manufactured at scale using the semiconductor industry sets them apart.”
Is Intel a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on 11 Buys, 23 Holds and three Sells assigned in the past three months, as indicated by the graphic below. After a 391.47% rally in its share price over the past year, the average INTC price target of $79.25 per share implies 18.12% downside risk.
