So chip stock Intel (INTC) just lost Justin Hotard to Nokia Oyj (NOK). This might seem like a blow to Intel’s operations, but investors have

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.

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.