By Aditya Soni (Reuters) -Shares of Intel closed 14% higher on Thursday, as Wall Street cheered its decision to name former board member Lip-Bu Tan as CEO, who left in August over differences about the chipmaker's direction,

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 on Wednesday.

The chip giant must try to maintain x86 dominance while adapting to AI-driven computing and emerging architectures.