Investors looking at Intel Corporation (NASDAQ: INTC) as a legacy company with 90-percent market share in the PC market may want to listen to what interim CEO Bob Swan told CNBC's Jim Cramer Thursday.
Under prior leadership teams, Intel operated under the belief it has a near 100-percent market share in the "relatively slow growth" PC market, Swan said during an interview aired during CNBC's "Mad Money." After a push into new markets organically and through acquisitions, the company now has exposure to data management, the internet of things, and autonomous driving.
The combined new markets represents a $300 billion total addressable market and Intel has only a 25-percent market share, Swan said.
Why It's Important
Intel's old focus on the PC market limited its expansion opportunities as the company was "constrained" by how it viewed itself. Today, the company has "this significant wind at our back" due to the global demand for organizations to not only need data, but to store it, process it, analyze, and retrieve it.
"And with that, our opportunities are as big as they have ever been both organically and acquisitively," Swan said
Swan, interim CEO since 2018 and permanent CFO since 2016, isn't interested in leading as CEO forever, he said. The company's board has the green like to take its time in a search for a permanent CEO and in the meantime "we'll be just fine kind of running the company."
Intel shares traded around $8.99 at time of publication.
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