Intel on Wednesday announced tech industry veteran Lip-Bu Tan as its new chief executive, boosting shares of the US computer chipmaker struggling to catch up in the AI race. Tan told the Intel team his focus would be on engineering, saying it "won't be easy" to overcome challenges faced by the company.

The company posted a net loss of $126 million for the quarter ending December 28, compared to a profit of $2.67 billion in the same period last year.

Former Intel CEO Pat Gelsinger, who suddenly resigned from his position, took to social media to encourage his supporters to pray and fast on behalf of thousands of Intel employees as layoffs increase.

In October, Intel posted its biggest quarterly loss in the entire 56-year history of the company, facing more pressure than ever to reduce its costs.

The company previously stopped offering the beverages in October as a way to cut costs, which was announced by signs posted in the employee kitchenettes.

Intel is reportedly targeting a valuation of $17 billion for Altera, a slight increase from the $16.7 billion it paid for the company nine years ago.

Apollo wants to put in an equity-like investment in Intel, according to reports.

For decades, Intel has dominated the market for the chips that run everything from laptops to data centres.

Under the CHIPS Act, the Department of Commerce brokered 8.5 billion in direct funding and 11 billion in loans to reinforce Intel's footprint in the country

Intel shares jumped more than 8 percent to $35.14 in after-market trades.

The investigation is still in its early stages, and those in charge have not ruled out the possibility that pro-Russian elements were behind the leak.

The Zen 4 CPUs could be a big game changer and pad the lead that AMD has over Intel in the 7nm processor race.

Intel officially announced a new partnership with Comcast that allows customers to view TV anywhere in their homes.