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.

With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won’t be easy.

It took a few months, but Intel has found its next chief executive officer in Lip-Bu Tan, an industry veteran with decades of semiconductor and software experience