Intel CEO resigns, stock price increases by 5%.

• On Monday, Intel announced that Pat Gelsinger, the company's CEO, had retired from his position, effective December 1st.
• Intel's interim co-CEOs are David Zinsner and MJ Holthaus, while Frank Yeary will serve as the interim executive chair.
• Due to market share losses in its core businesses and an inability to crack the artificial intelligence market, Intel's stock has fallen 52% year-to-date.

On Monday, it was announced that Pat Gelsinger, the CEO of the company, had retired effective December 1st, marking the end of his nearly four-year tenure during which the company's stock price and market share declined.

Intel's interim co-CEOs are David Zinsner and MJ Holthaus, while Frank Yeary will serve as the interim executive chair.

Shares of Intel were up 5% Monday in pre-market trading.

Intel and the CHIPS and Science Act office finalized a $7.86 billion grant for Gelsinger's factory-building plans, which will be funded a week after his retirement.

Intel has been struggling since 2021, with market share losses in its core businesses and an inability to break into the artificial intelligence market. Its stock has fallen 52% year-to-date.

In September, Intel announced plans to spin off its foundry business as an independent subsidiary, which would provide the company with more funding options. However, in August, Intel reported disappointing quarterly results and said it would lay off more than 15% of its workforce as part of a $10 billion cost-reduction plan. CNBC reported that Intel had engaged advisors to defend itself against activist investors.

In late September, reports emerged that Intel was approached by Qualcomm regarding a potential acquisition.

— CNBC's Rohan Goswami and Jordan Novet contributed reporting.

This is breaking news. Please refresh for updates.