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Intel Corporation (NASDAQ:INTC) CEO Lip-Bu Tan will personally oversee the company's artificial intelligence initiatives after CTO Sachin Katti left the chipmaker to join OpenAI.
Katti, who had led Intel's AI efforts since a management reshuffle in January, announced on X, formerly Twitter, that he had joined OpenAI.
Intel thanked Katti for his contributions, stating, "Lip-Bu will lead the AI and Advanced Technologies Groups, working closely with the team," reported Reuters.
"AI remains one of Intel's highest strategic priorities, and we are focused on executing our technology and product roadmap across emerging AI workloads," the company stated.
ChatGPT-maker's president Greg Brockman praised Katti's new role, noting that he will be "designing and building our compute infrastructure, which will power our AGI research and scale its applications to benefit everyone."
Katti's exit is part of a broader trend of top executives leaving Intel since Tan took over in March and initiated a turnaround strategy.
The company has struggled to attract major customers for its contract manufacturing business. It faces stiff competition from Nvidia Corporation (NASDAQ:NVDA) and Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) in the AI chip space.
While Intel's central processors are used in AI server systems, the company has yet to produce a data center AI chip that rivals the performance of Nvidia's offerings.
Tan has restructured Intel's leadership, flattening the hierarchy and promoting internal executives. Naga Chandrasekaran, formerly in charge of Intel's manufacturing subsidiary, now has expanded responsibilities for external contract manufacturing.
Intel has also brought in new talent from outside, including former Arm Holdings (NASDAQ:ARM) executive Kevork Kechichian to oversee the data center unit.
On Monday, Intel also appointed Craig H Barratt, Ph.D., 63, to its board of directors, effective immediately. Barratt will serve as an independent director, the company said.
Intel reported third-quarter revenue of $13.65 billion, beating analyst expectations of $13.14 billion. Adjusted earnings were 23 cents per share, well above estimates of one cent.
Year-over-year growth was modest across segments: Client Computing Group rose 5% to $8.5 billion, Data Center and AI slipped 1% to $4.1 billion, All Other climbed 3% to $1 billion, Intel Products grew 3% to $12.7 billion, and Intel Foundry fell 2% to $4.2 billion.
Intel stock has climbed 90.16% year to date, with Benzinga's Edge Stock Rankings indicating a strong upward trend across short, medium and long-term time frames. Click here for a detailed comparison of Intel's performance against its industry peers and competitors.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
