Why Intel Corp. (INTC) Surged On Thursday?

We recently published a list of These 10 Stocks Defied Thursday’s Slump. In this article, we are going to take a look at where Intel Corp. (NASDAQ:INTC) stands against other stocks that defied Thursday’s slump.

The stock market ended in the red territory anew on Thursday following a fresh wave of uncertainties and reports of a looming government shutdown that rattled investors.

The Dow Jones dropped by 1.30 percent, while the S&P 500 and Nasdaq declined by 1.39 percent and 1.96 percent, respectively.

Meanwhile, investors took refuge in 10 companies, predominantly mining firms, to mitigate the risks from the macroeconomic threats.

In this article, we have listed the 10 strongest stocks and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.

A technician soldering components for a semiconductor board.

Intel Corp. (NASDAQ:INTC)

Intel Corp. jumped by 14.6 percent on Thursday to end at $23.7 as investors cheered the company’s new leadership with the appointment of chip industry veteran Lip-Bu Tan as its new chief executive officer.

On Wednesday, INTC said Tan would lead the company effective March 18, 2025, signaling that the company was unlikely to split up its chip design and manufacturing operations.

Tan was said to have been offered the CEO position in December last year to lead the company, which was said to be an acquisition target by two of the world’s largest semiconductor manufacturers—Taiwan Semiconductor and Broadcom.

“Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees.

Overall, INTC ranks 1st on our list of stocks that defied Thursday’s slump. 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 doing so within a shorter time frame. If you are looking for an AI stock that is more promising than INTC but trades at less than 5 times its earnings, check out our report about the cheapest 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.