Intel's AI and Data Center Chief Justin Hotard Appointed as Nokia's New CEO

Intel data center lead Justin Hotard to take over as Nokia's CEO in April

Serving tech enthusiasts for over 25 years. TechSpot means tech analysis and advice you can trust. What just happened? Nokia is set for a leadership transition and has appointed Justin Hotard as its new chief executive officer effective April 1, 2025. Hotard, who currently heads Intel's data center and artificial intelligence group, will take over from outgoing CEO Pekka Lundmark. Lundmark is set to depart the company on March 31, though he will remain an advisor to Hotard through the end of this year. The leadership transition comes as Nokia looks to double down on emerging opportunities in AI, data centers, private wireless networks, and edge computing - areas where Hotard's expertise could prove invaluable. "Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI," Hotard said in a statement. "I am excited to get started and look forward to continuing Nokia's transformation journey to maximize its potential for growth and value creation." Lundmark's tenure has been a bit of a roller coaster ride. He rejoined Nokia in 2020 after previously working there from 1990-2000, returning to right the ship after the company's acquisition of Alcatel-Lucent struggled to bear fruit. However, the company's share price and revenue have stagnated in recent years. In 2023, Nokia announced major cost cuts, including plans to slash 14,000 jobs or 16% of its global workforce. Signs of a turnaround have emerged, with Q4 2024 net sales up 9% year-over-year, though full-year revenue dipped 9%. Still, Lundmark departs on an upbeat note. "I am proud of the work our brilliant team has done in re-establishing our technology leadership and competitiveness and positioning the company for growth in data centers, private wireless and industrial Edge, and defense," he said. Hotard brings over 25 years of relevant experience to his new role. Prior to Intel, he spent over eight years at Hewlett Packard Enterprise in senior leadership roles focused on high-performance computing, AI, and labs. He also held executive positions at NCR Corporation and Symbol Technologies. As for his Intel tenure, Hotard joined the firm early last year, which was a period marred by setbacks for the company. Though his tenure yielded a mixed scorecard, many of the initiatives - both good and bad - predated his arrival. On the upside, Intel successfully debuted its next-gen Xeon 6 Granite Rapids and Sierra Forest server CPUs under Hotard's watch. However, the company fell short of its sales targets for the Gaudi 3 AI processor family. Hotard's background aligns well with Nokia's increasing prioritization of AI, data centers, and edge opportunities. Just last year, the company launched an event-driven data center automation platform and struck major data center infrastructure partnerships with Microsoft Azure and Kyndryl.

Intel's head of datacenter and AI unit leaves to lead Nokia

In an unexpected turn of events Justin Hotard, the executive vice president and general manager of the Data Center and AI Group (DCAI) at Intel, left the company to become chief executive of Nokia. Intel has appointed an internal head for its datacenter and AI unit and will start searching for a new permanent general manager immediately. "We have a strong DCAI team that will continue to advance our priorities in service to our customers," a statement by Intel reads. "Karin Eibschitz Segal has been appointed interim head of the DCAI business and is an accomplished executive with nearly two decades of Intel leadership experience spanning products, systems and infrastructure roles. We are grateful for Justin Hotard's contributions and wish him the best in his new role." Justin Hotard joined Intel from HPE in early 2024. His tenure was arguably a mixed bag, though much of what he oversaw was more or less in place before he arrived. Intel successfully launched its Xeon 6 'Granite Rapids' and 'Sierra Forest' CPUs for servers, but sales of its Gaudi 3 processors for AI missed the company's own rather modest expectations. In addition, the company had to cancel its Falcon Shores as a product and delay its Clearwater Forest datacenter CPU by at least a quarter. Justin Hotard has over 25 years of experience working at major technology companies. Before joining Intel, he held leadership positions at Hewlett Packard Enterprise and NCR Corporation. His background includes expertise in AI and datacenter markets, which are said to be critical areas for Nokia's future. "I am delighted to welcome Justin to Nokia," said Sari Baldauf, Chair of Nokia's Board of Directors. "He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and datacenter markets, which are critical areas for Nokia's future growth. In his previous positions, and throughout the selection process, he has demonstrated the strategic insight, vision, leadership and value creation mindset required for a CEO of Nokia." Nokia's current CEO Pekka Lundmark will step down on March 31, 2025, and Justin Hotard will take over the role starting April 1, 2025. Lundmark will stay on as an advisor until the end of the year. Hotard will be based in Espoo, Finland, where Nokia's headquarters are located. Lundmark has led Nokia since 2020, a period marked by significant challenges. Under his leadership, the company strengthened its position in 5G technology, cloud-based network infrastructure, and patent licensing. With this leadership change, Nokia aims to continue its transformation, focusing on AI, datacenters, and next-generation connectivity. "I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology," said Justin Hotard. "Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI. I am excited to get started and look forward to continuing Nokia's transformation journey to maximize its potential for growth and value creation." Justin Hotard leaves a couple of months after Pat Gelsinger, chief executive of Intel, was ousted by the board of directors. As a result, Intel now does not have a permanent CEO or a permanent head of its key DCAI unit.

Intel loses another top exec as Nokia poaches AI and data center chief as new CEO

Nokia CEO and President Pekka Lundmark has confirmed he will be stepping down from the role in just a few weeks, and the telecoms giant has already confirmed its next leader. Justin Hotard, who will be taking over from Lundmark from April 1, 2025, will move on from his year-long role as Intel's EVP and GM for Data Center & AI Business Group. Prior to that, Hotard spent eight-and-a-half years at HPE - his last three years at the company was spent leading its HPC & AI Business Group. "[Hotard] has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth," commented Sari Baldauf, Chair of Nokia's Board of Directors. Hotard, who has spent time working across the US in cities like Santa Clara, San Francisco, New York and Houston, as well as international locations like Beijing and Tokyo, will now be based at Nokia's headquarters in Espoo, Finland. The new CEO added: "I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology. Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI." Shares rose 1.6% after the announcement, around 3.5x higher than the broader Helsinki stock exchange (via Reuters). Lundmark indicated his intention to retire from similar roles: "Although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional." After stepping down as CEO from March 31, 2025, he will continue to serve as an advisor for Hotard until the end of the year.

Nokia Names Intel's Data Center and AI Head Justin Hotard as New Chief Executive -- Update

Nokia appointed Justin Hotard, a tech industry expert in data centers and AI business, as its next chief executive, in a move that reinforces the company's ambition to expand into new growth areas. The Finnish telecommunication company recently signaled its aim to diversify and search for new growth outside of its traditional telecom operator market, having recently signed a deal worth $2.3 billion to buy networking-solutions provider Infinera as it bets on new business for data centers. The company has said it expects data centers to be its number one growth driver in the coming years and has been boosting its spending to develop new products for the rapidly-expanding industry. It has already pledged to invest up to 100 million euros ($103.3 million) annually to broaden its market in data-center networking with a view to driving incremental net sales of 1 billion euros by 2028. Justin Hotard, who currently leads Intel's Data Center and AI operations, will start in his new role on Apr. 1, taking over from Pekka Lundmark, who will continue as an adviser until the end of the year before leaving the company. Prior to his role at Intel, Hotard held several leadership roles at large technology companies, including Hewlett Packard Enterprise and NCR Corp. "He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth," said Sari Baldauf, Chair of Nokia's board of directors. Lundmark has led Nokia since 2020 and the company said he had indicated that he wanted to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified. "Now, both of those conditions have been met, and he has decided to step down," Baldauf added. Write to Dominic Chopping at dominic.chopping@wsj.com

Intel AI chief jumps ship for Nokia

Justin Hotard tapped to replace Pekka Lundmark at the Finnish telco Intel is going to need more than a new CEO after its Datacenter and AI (DCAI) chief on Monday announced he's leaving to run Nokia as its next chief executive. Justin Hotard, who took over as EVP and GM of Intel's DCAI business just over a year ago, will replace Pekka Lundmark as Nokia's president and CEO on April 1, the Finnish telecommunications vendor said in a statement. "I want to thank my team at Intel Corporation for their work in stabilizing the Datacenter and AI Business over the last year. I wish them continued success as they continue their journey," Hotard shared in a LinkedIn post on Monday. Hotard joined Intel in early 2024 after former DCAI head Sandra Rivera was tapped to lead its newly spun-off Altera FPGA business. With more than eight years at Hewlett Packard Enterprise, most recently as EVP and GM of its High-Performance Computing, AI, and Labs division, Hotard was expected to help turn around Intel's struggling DCAI unit. During his brief tenure, Hotard oversaw Intel's Sierra Forest E-core and Granite Rapids P-core Xeon 6 platform launches. Up to this point, Intel's Xeons had lagged rival AMD, reinforcing its reputation for too little, too late. As we reported, at the time, Intel's Xeon 6 launch represented something of a return to form with the chipmaker briefly reclaiming core-count parity with its long-time rival for the first time since 2017. Yet, over the past few weeks, DCAI has faced its share of setbacks. Today's announcement comes just over a week after interim co-CEOs Michelle Johnston Holthaus and David Zinsner announced the delay of Intel's next-gen Clearwater Forest Xeons and scrapped the release of its Falcon Shores accelerators to prioritize a future, rack-scale platform called Jaguar Shores. Citing weaker-than-expected demand, Clearwater Forest will now make its debut sometime in the first half of 2026 rather than this year as originally planned. And that's not the only blow to Intel's Xeon team in the past few weeks. Last month, Intel fellow Sailesh Kottapalli left the biz after 28 years to join Qualcomm. Kottapalli was the driving force behind many of Intel's Xeon server processors. Brain drain isn't the only challenge: In a year in which rival AMD managed to ship over $5 billion of Instinct accelerators, Intel's Gaudi AI accelerators failed to do a 10th of that, falling short of the $500 million target former-CEO Pat Gelsinger had forecasted early last year. Intel had hoped its third-gen Gaudi accelerators, announced at its Vision event last April, would help it win share from those looking for a cheaper alternative to Nvidia's H100 and H200. Unfortunately, by the time anyone could actually buy them, Nvidia's Blackwell and AMD's MI325X accelerators were already making their way to customers. Now, with Gaudi3's successor relegated to a test chip, Intel won't have a competitive AI accelerator to match Nvidia or AMD until at least 2026. "We have a strong DCAI team that will continue to advance our priorities in service to our customers," Intel said in a statement provided to The Register. "We are grateful for Justin Hotard's contributions and wish him the best in his new role." In Hotard's place, Intel has tapped Karin Eibschitz Segal to lead DCAI on an interim basis. According to her LinkedIn page, Segal is an 18-year Intel veteran having served in multiple engineering roles prior to her appointment as co-CEO of Intel Israel in 2023. However, finding a permanent head of DCAI probably isn't Intel's top priority at the moment. Two months after Gelsinger's abrupt "retirement," the x86 giant has yet to find a new captain to steer the ship. During the outfit's Q4 earnings call last month, Intel had little to share on the search. "The board remains intensely focused on the search for a permanent CEO," Zinsner said at the time. "The search is progressing, but we have nothing new to report." Following the call, rumors emerged that GlobalFoundries CEO Thomas Caulfield, who announced he would step down and transition to Executive Chairman, might be in the running for the role. While speaking at the UBS technology conference in early December, Zinsner did say the next Intel CEO would have foundry expertise. Whether or not Caulfield will be the one to supply that knowledge remains to be seen. ®

Nokia Names Intel's Data Center and AI Head Justin Hotard as New CEO -- 2nd Update

Nokia appointed Justin Hotard, a tech industry expert in data centers and AI, as its next chief executive officer, in a move that reinforces the company's ambition to expand into new growth areas. The Finnish telecommunication company recently signaled its aim to diversify and search for new growth outside of its traditional telecom operator market. Last year, it signed a deal worth $2.3 billion to buy networking-solutions provider Infinera as it bets on new business for data centers. The company said it expects data centers to be its number one growth driver in the coming years and has been boosting its spending to develop new products for the rapidly-expanding industry. It has already pledged to invest up to 100 million euros ($103.3 million) annually to broaden its market in data-center networking with a view to driving incremental net sales of 1 billion euros by 2028. Justin Hotard, who currently leads Intel's data-center and artificial-intelligence operations, will start in his new role on April 1, taking over from Pekka Lundmark, who will continue as an adviser until the end of the year before leaving the company. Prior to his role at Intel, Hotard held several leadership roles at large technology companies, including Hewlett Packard Enterprise and NCR Corp. "He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data-center markets, which are critical areas for Nokia's future growth," said Sari Baldauf, chair of Nokia's board of directors. Lundmark has led Nokia since 2020 and the company said he indicated he wanted to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified. "Now, both of those conditions have been met, and he has decided to step down," Baldauf added. Baldauf said Hotard brings new capabilities to the team as well as experience from the technology industry in the U.S.--a key market for Nokia. Nokia generates just more than a quarter of its overall revenue from North America and has recently seen momentum pick up sharply in the region, particularly in its network-infrastructure business that supplies data-center networking products following recent contract wins from Microsoft and Kyndryl. The company's latest successes in the network-infrastructure business contrast with its traditional core mobile-networks business that is facing stiff competition and has seen choppy demand from telecom operators. Inderes analyst Atte Riikola said the appointment of Hotard reflects what he sees as Nokia's strategic focus shifting increasingly to network infrastructure, where data centers and AI investments are creating new growth opportunities for the company. "We see this as a justified direction, as Nokia's longer-term growth prospects for mobile networks clearly look more modest than for network infrastructure," he said. Hotard said that with hundreds of billions of dollars being spent on data centers globally, Nokia is well positioned to take advantage of the market opportunity, while also noting potential in the mobile-networks business as AI continues to expand. "MY Focus Will Be to Accelerate the Transformation Journey and Drive Ever Greater Growth,' He Said. Write to Dominic Chopping at dominic.chopping@wsj.com

Nokia Names Intel's Data Center and AI Head Justin Hotard as New Chief Executive

Nokia appointed Justin Hotard, a tech industry expert in data centers and AI business, as its next chief executive, as the company aims to expand into new growth areas. The Finnish telecommunication recently made moves to diversify and search for new growth areas outside of its traditional telecom operator market, after signing a deal worth $2.3 billion to buy networking-solutions provider Infinera as it bets on new business for data centers. The company has said that its expects data centers to be its number one growth driver in the coming years. Justin Hotard, who currently leads Intel's Data Center and AI operations, will start in his new role on Apr. 1, taking over from Pekka Lundmark, who will continue as an adviser until the end of the year before leaving the company. Prior to his role at Intel, Hotard held several leadership roles at large technology companies, including Hewlett Packard Enterprise and NCR Corporation. "He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth," said Sari Baldauf, Chair of Nokia's board of directors. Lundmark has led Nokia since 2020. Write to Dominic Chopping at dominic.chopping@wsj.com

Nokia Names Intel's AI, Data Center Head as New CEO

Nokia (NOK) said Monday that its board has appointed Intel's (INTC) Justin Hotard as Chief Executive Officer (CEO), replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its artificial intelligence (AI) business. Hotard, who currently leads Intel's data center and AI group, will start his new role on April 1, according to a news release. Sari Baldauf, chair of Nokia's board of directors, said Hotard had "a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth." Nokia shares are rising around 1% in Monday morning trading and are up more than 30% in the past year. Hotard's appointment also comes after the Finnish telecommunications company posted a 9% drop in net sales last year.

Nokia names Intel's AI head to replace CEO

The move comes as Nokia reported last month a surge in profit for 2024 after years of slumping demand for its 5G equipment from mobile network operators. The leadership change signals that Nokia wants to ride the global AI growth wave.Finnish telecommunications equipment giant Nokia announced on Monday it would replace chief executive Pekka Lundmark with Justin Hotard, an American executive overseeing artificial intelligence at US chip-maker Intel. Lundmark, who has served as Nokia's CEO since 2020, will leave his position on March 31 and Hotard will take over the next day, the company said in a statement. The move comes as Nokia reported last month a surge in profit for 2024 after years of slumping demand for its 5G equipment from mobile network operators. "I want to move on from executive roles to work in a different capacity, such as a board professional", said Lundmark, 61, who has led various listed companies over the past two decades. The leadership change signals that Nokia wants to ride the global AI growth wave. Hotard, born in 1974, currently serves as executive vice president at Intel as well as general manager of its AI and data centre group. "I am excited to get started and look forward to continuing Nokia's transformation journey to maximize its potential for growth and value creation," Hotard said. "Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI," he said. Hotard has previously held leadership roles at large technology companies for more than 25 years, including Hewlett Packard, Nokia said. Nokia chairwoman Sari Baldauf said Hotard holds "a strong track record of accelerating growth in technology companies along with vast expertise in AI and data centre markets, which are critical areas for Nokia's future growth". Baldauf cited Hotard's knowledge of the US market as a key factor behind the appointment. "The US is an important market for us," she said at a press conference. Profit after slump The change at the top comes after Nokia posted bumper profits. In 2023, the company announced it would cut up to 14,000 job as profits fell on weakening demand for its 5G equipment in North America. Last month, Nokia reported an 89 percent rise in net profit for 2024, with sales surging in India and North America in the final three months of the year. Atte Riikola, an analyst with Finnish market research firm Inderes, said Hotard's appointment reflected that Nokia was shifting strategically by focusing on developing its network infrastructure, sighting growth opportunities in data centres and AI investments. "We believe this is a valid direction, as Nokia's longer-term growth prospects on the Mobile side clearly look more modest than Network Infrastructure," he wrote on Inderes' website. Baldauf noted Lundmark had joined the company "at a difficult time in Nokia's history" and would leave "with our highest respect". "Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks", she said. Nokia's share price rose two percent to 4.76 euros ($4.92) on Monday in midday trading. When Lundmark took over as the company's CEO in 2020, Nokia's share price was at around four euros, Riikola noted. "In our view, this says more about the challenging market for mobile networks, where it is very difficult to make a sustainable return on capital, he said.

Nokia announces ex-Intel AI and data centre boss as new CEO

Nokia has shared that it has appointed a new chief executive officer (CEO), as the company attempts to venture more into the artificial intelligence market. Finnish telecommunications giant Nokia revealed that it has chosen to appoint Justin Hotard as its new chief executive officer (CEO), to take over from Pekka Lundmark, who has been leading the company since 2020. Lundmark will be stepping down as CEO from 31 March this year, with Hotard scheduled to start as Nokia CEO from 1 April. However, Nokia has shared that Lundmark will still remain at the company to advise Hotard until the end of 2025. At the moment, Hotard is the executive vice president and general manager of Intel's Data Centre and AI Group. He was previously at Hewlett Packard Enterprise for several years, holding a variety of roles such as senior vice president, Corporate Transformation and corporate senior vice president & president of HPE Japan. This move comes as telecom network equipment manufacturers are dealing with falling sales of 5G gear. As such, several telecom companies have been exploring ways to venture into new markets such as artificial intelligence and diversify their businesses in the process. Sari Baldauf, chair of Nokia's board of directors, said in a press release on the company's website: "I am delighted to welcome Justin to Nokia. He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth. "In his previous positions, and throughout the selection process, he has demonstrated the strategic insight, vision, leadership and value creation mindset required for a CEO of Nokia." Justin Hotard also said in the press release: "I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology. Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI. "I am excited to get started and look forward to continuing Nokia's transformation journey to maximize its potential for growth and value creation." Current president and CEO of Nokia, Pekka Lundmark, also said: "Leading Nokia has been a privilege. When I returned to Nokia in 2020, I called it a homecoming, and it really has felt like one. I am proud of the work our brilliant team has done in re-establishing our technology leadership and competitiveness, and positioning the company for growth in data centers, private wireless and industrial edge, and defence. "This is the right time for me to move on. I have led listed companies for more than two decades and although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional. Justin is a great choice for Nokia and I look forward to working with him on a smooth transition." Nokia leans heavily into network technology investments Nokia has made a marked move away from mobile phone production in recent years, while focusing more on solidifying its position in telecommunications infrastructure, especially 5G networks. The company sold its mobile phone business to Microsoft back in 2014, which included the Lumia and Asha brands, as well as Nokia's design team. It has also ramped up its network technology investments, while focusing more on software-defined networking and cloud services and trying to integrate artificial intelligence more into its services and network infrastructure. These moves have gone a long way in helping Nokia be seen more as a B2B technology provider, rather than a consumer electronics company. To further cement this move, Nokia has updated its branding and logo as well.

Nokia Taps Intel's AI Executive As New CEO - Details - Nokia (NYSE:NOK)

Nokia Inc. NOK revealed a change in leadership as its President and CEO, Pekka Lundmark, is set to step down from his role. His replacement, Justin Hotard, is set to assume the position of President and CEO on April 1, 2025. Lundmark, who has guided the company since 2020, will officially depart on March 31, 2025. Lundmark will remain involved as an advisor to Hotard throughout the remainder of 2025. Hotard has more than 25 years of experience in the global tech industry, including leadership roles at prominent companies such as Intel Corp, Hewlett Packard Enterprise Co, and NCR Corporation. Currently, he heads Intel's Data Center & AI Group, driving innovation, technological leadership, and strategies focused on growth. Hotard will be based at Nokia's headquarters in Espoo, Finland. Also Read: Software Company SolarWinds Agrees To Go Private In $4.4B Deal The leadership change follows a period of significant transformation at Nokia under Lundmark's guidance, as the company worked to solidify its standing in the tech sector. "Pekka joined at a difficult time in Nokia's history. Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks. Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business," said Chair of Nokia's Board of Directors, Sari Baldauf. "I am delighted to welcome Justin to Nokia. He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth." Last month, Nokia reported net sales growth of 10% year-on-year to 5.98 billion euros ($6.39 billion) in the fourth-quarter, beating the consensus estimate of $6.17 billion, indicating a rebound in demand from communication service providers, particularly in North America. Established in 1865, Nokia is a prominent player in the telecommunications and consumer electronics sectors, focusing on mobile networks, software, and tech solutions. Price Action: NOK shares closed higher by 0.42% at $4.81 on Friday. Read Next: Spire Global Lands ~$50M Contract For Canadian Wildfire Detection NOKNokia Oyj$4.912.08%Overview Rating:Good62.5%Technicals Analysis1000100Financials Analysis400100WatchlistOverviewHPEHewlett Packard Enterprise Co$21.09-0.85%INTCIntel Corp$19.260.84%Market News and Data brought to you by Benzinga APIs

Intel's AI Chief to Leave Chip Maker in Wake of CEO Exit -- Update

Intel's head of data-center and artificial-intelligence operations is leaving the group to take the helm of European telecommunications-gear maker Nokia, the latest high-profile executive shuffle at the chip maker as it struggles to revamp its business. Justin Hotard, who joined Intel in February last year, will be replacing Pekka Lundmark as Nokia's chief executive as of April 1. The executive, who previously served as executive vice president and general manager of high-performance computing, AI and labs at Hewlett Packard Enterprise, had been leading efforts at Intel to cash in on AI. An Intel spokesperson said the company appointed Karin Eibschitz Segal as interim head of the data-center and artificial-intelligence business. An executive with nearly two decades of experience spanning products, systems and infrastructure roles, Segal has most recently served as general manager of Intel Validation Engineering. The shuffle comes as the chip maker has lagged behind rivals like Nvidia in the AI race, with former Chief Executive Pat Gelsinger pursuing a costly plan to double down on building new factories in a bid to catch up with competitors. That move has been blamed for ultimately wiping out $150 billion in market value since Gelsinger's appointment as CEO in 2021, while Nvidia gained $3 trillion. Intel stock is down more than 55% over the past 12 months. Pat Gelsinger retired abruptly as Intel's CEO in December. The company named Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, general manager of Intel's client computing group, as interim co-CEOs. Days later, Intel named two chip industry veterans to its board.

'Opportunity in the AI Era' for Nokia, says Incoming CEO Hotard

Speaking exclusively to Bloomberg TV, the next President and CEO of Nokia Justin Hotard says he will focus on serving customers and driving growth when he assumes the role in April 2025. Hotard also stressed the importance of continuing to "win share" in 5G markets and cited "opportunities" around data centers. Pressed on whether there were plans to sell Nokia's mobile networks business, Hotard stated "no, this is a core asset of the company." (Source: Bloomberg)