Over the past year, a number of semiconductor stocks have witnessed meteoric gains thanks to ongoing euphoria surrounding artificial intelligence (AI). The share prices of Nvidia, Taiwan Semiconductor Manufacturing,

Nvidia stock came under pressure from a report that ChatGPT creator OpenAI is pushing ahead with plans to develop its own AI chips.

Justin Hotard, Intel’s head of data-center and AI operations, is leaving to head up Nokia. Shares of the telecom-gear maker rallied over 2% in Europe; U.S.-listed Intel shares edged higher premarket.

Finnish telecoms company Nokia on Monday said Pekka Lundmark would step down as CEO, and that it has appointed Justin Hotard to take over his role. Hotard, who will take up the position on April 1, is currently the executive vice president and general manager of Data Center & AI Group at Intel,