Intel ’s stock is soaring after Lip-Bu Tan, a respected veteran in the semiconductor industry, was chosen as its new CEO. The appointment comes three months after the chipmaker, which falling behind in the A.I. race pushed out former head Pat Gelsinger.

The appointment of Lip-Bu Tan, 65, a prominent tech leader, follows a tumultuous period for the semiconductor giant that saw declining revenue and share prices.

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,