Incoming Intel CEO Lip-Bu Tan brings "instant credibility" that should help restore investor confidence and support the company's efforts to become a major contract chipmaker, Wall Street analysts said on Thursday.

Intel (NasdaqGS:INTC) experienced a share price increase of 5% over the past month, coinciding with a significant executive transition. The appointment of Lip-Bu Tan as CEO, effective mid-March, appeared to have fostered positive investor sentiment,

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.