Intel letos prudce vzrostl díky silné poptávce po procesorech pro AI servery a obnovené důvěře ve foundry byznys. V prvním čtvrtletí tržby divize data center a AI stouply o 22 % na 5,1 miliardy USD.
A $10,000 investment in Intel (INTC 5.61%) at its Jan. 2 closing price of $39.38 would have bought about 254 shares. At Thursday's close of $120.35, that stake is worth about $30,561 as of this writing. In six months, the money more than tripled.
But two footnotes belong next to that figure. First, it was briefly even better: at Intel's June 30 close of $139.63, the same stake was worth more than $35,000, before the stock gave back about 14% across the first two trading sessions of July. Second, almost nobody saw this coming. In January, Intel was still widely viewed as the chipmaker that had missed the artificial intelligence (AI) boom.
Which raises the question for everyone who watched from the sidelines: What turned Intel into 2026's most dramatic large-cap comeback, and what has to keep going right from here?
Image source: Getty Images.
How Intel tripled The rally wasn't built on PCs. It was built on two things: booming demand for the processors that feed AI data centers, and renewed faith in Intel's foundry -- the company's long-suffering bet on manufacturing chips for other companies.
Intel's first-quarter results, reported in April, showed both engines running. Revenue in the company's data center and AI segment rose 22% year over year to $5.1 billion, and Intel Foundry revenue grew 16% to $5.4 billion, while the classic PC chip business grew just 1%. Total revenue rose 7% to $13.6 billion, and non-GAAP (adjusted) earnings per share more than doubled, to $0.29.
"This deliberate reset to how we operate drove a sixth consecutive quarter of revenue above our expectations, as well as new and deepened relationships with strategic partners," said CEO Lip-Bu Tan in the company's first-quarter earnings release.
For years, the foundry consumed cash and produced doubt. What changed in 2026 is that customers -- and investors -- began treating the manufacturing turnaround as on schedule. Each new commitment matters twice over. It brings future revenue and signals to prospective customers that Intel's factories can be trusted with cutting-edge work.
Add a chip sector in full boom, and the repricing was violent. A stock that entered the year priced for slow decline exited June priced for a successful transformation.
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What has to keep going right But now Intel investors face a problem: At a valuation of about $604 billion, Intel is priced as if both its transformation succeeds and its business will grow rapidly for years to come -- even though the company remains unprofitable over the trailing 12 months. When a stock reprices from skepticism to confidence this quickly, the burden of proof shifts to every subsequent quarter.
The next test arrives July 23, when Intel reports second-quarter results.
When the report is released, three things will arguably matter most: whether foundry revenue continues growing, whether gross margins continue to expand, and whether new customer names continue to arrive. Because the gap between today's revenue and today's price tag is bridged almost entirely by future contracts and expanded profitability.
Meanwhile, the stock's early July slide is a preview of what happens when confidence wobbles. Shares of Intel fell about 9% in a single session on July 1 amid a broad pullback in chip stocks, with no company-specific stumble required. After a run like this year's, many of the stock's owners arrived recently and can leave quickly, which could make drawdowns sharper.
So what should investors who feel they missed it do? The honest answer is that the stock's single biggest repricing -- from left-for-dead to credible -- is probably already over. From here, returns likely have to be earned the slow way, through quarters of foundry growth and proof that profits are following the revenue.
I wouldn't chase the stock after a triple, and I personally wouldn't buy ahead of the July 23 report either. But for patient investors who believe American chip manufacturing has years of demand ahead of it, Intel remains one of the most direct ways to own that idea. Bought gradually, in a position sized to survive the swings a stock like this all but guarantees, it can still earn a place in a long-term portfolio.
Intel klesl asi o 5 % spolu s širším výprodejem polovodičů, přesto HSBC zvýšila cílovou cenu na 200 USD ze 100 USD a ponechala doporučení Buy. Akcie jsou letos stále výše o více než 200 %.
Intel shares INTC fell around 5% on Thursday as semiconductor stocks extended their pullback, even as analysts at HSBC raised their price target on the chipmaker.
The decline came amid a broader selloff across the semiconductor sector.
The VanEck Semiconductor ETF dropped 3%, with chip-equipment makers Teradyne and KLA each falling about 8%.
Nvidia shares declined 1.2%, while Micron Technology lost 3.4%.
The weakness follows a remarkable first half for semiconductor stocks.
The VanEck Semiconductor ETF gained more than 70% during the first six months of 2026, marking the strongest first-half performance since the fund's launch in 2000.
Following that historic rally, investors have increasingly been taking profits across the sector, leading to a pullback in many of the industry's biggest winners.
Despite Thursday's decline, Intel remains one of the standout performers in the semiconductor space this year.
The stock is still up more than 200% year to date, reflecting growing investor optimism around the company's role in the next phase of artificial intelligence infrastructure spending.
HSBC raised its price target on the stock to $200 from $100 while maintaining a Buy rating.
The new target represents the highest price objective currently on Wall Street for the shares.
HSBC analyst Frank Lee said the firm sees increasing upside from Intel's server processor business as demand for data-center infrastructure continues to grow.
“Intel is well positioned to deliver upside to 2026/27 server CPU shipments, driven by internal foundry capacity reallocation,” Lee wrote in a note to clients.
The analyst said HSBC raised its estimate for 2026 server CPU shipment growth to 25% year over year from 20%, resulting in a projected $24.1 billion in data center and AI revenue, roughly 4% above consensus estimates.
Lee added that Wall Street may still be underestimating Intel's longer-term growth potential despite recent upward revisions to forecasts.
For 2027, HSBC increased its server CPU shipment growth estimate to 30% from 20%, citing expanding manufacturing capacity and the continued rollout of Intel's 18A process technology.
The firm now forecasts Intel's 2027 data center and AI revenue at $33 billion, approximately 20% above consensus expectations.
HSBC also pointed to improving prospects for Intel Foundry, which it now includes in its valuation model.
According to Lee, capacity constraints across the semiconductor industry are encouraging customers to explore alternatives to existing suppliers.
“With TSMC’s additional 3nm capacity coming online only in 2H27, customers are exploring new foundry partners,” Lee wrote.
The analyst said Intel has emerged as a potential beneficiary, citing customer wins with Terafab and Apple and ongoing engagement with Google and Nvidia.
Lee also highlighted Intel's Embedded Multi-die Interconnect Bridge, or EMIB, packaging technology as a potential competitive advantage.
According to HSBC, packaging capacity remains a bottleneck across the industry, and Intel's EMIB solution offers greater scalability than some competing technologies.
The firm expects increasing external customer commitments beginning in the second half of 2026 as foundry demand expands.
Key Takeaways Intel is expanding AI PCs and networking offerings with new Core Ultra, Arc G-Series and Ethernet products.Intel is expanding AI deployments through collaborations with companies including Google, Dell and Cisco.Intel is advancing its foundry roadmap while higher earnings estimates reflect improving business momentum. Intel Corporation (INTC - Free Report) has gained 480.5% in a year compared with the industry’s growth 39.4%. It has outperformed compared to the Zacks Computer & Technology sector and the S&P 500.
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The company has outperformed its peers, Qualcomm Incorporated (QCOM - Free Report) and Advanced Micro Devices (AMD - Free Report) . AMD has gained 290.4%, while Qualcomm has increased 11.8% during this period.
Solid Traction in Expanding AI Ecosystem is Driving GrowthIntel continues to strengthen its position in the emerging AI PC market. It is steadily expanding its portfolio of Core Ultra Series processors, Arc G-Series products and hybrid AI solutions. The company launched the Arc G-Series processors. The leading-edge processors built on Intel Core Ultra Series 3 architecture are designed to deliver higher gaming performance, improved power efficiency and longer battery life. Such innovative launches will likely boost prospects in the growing AI gaming PC market.
The company also introduced Ethernet E835 Controllers and Network Adapters for cloud, enterprise, AI and telecom infrastructure. As enterprises aim to boost network infrastructure to match high bandwidth requirements, Intel is broadening its portfolio offerings to capitalize on the emerging trend. Its strong focus on innovation boosts its competitive edge against other industry leaders such as AMD and Qualcomm.
Intel continues to deepen relationships with leading technology companies across multiple domains such as cloud computing, enterprise infrastructure, telecommunications and consumer electronics manufacturers. Collaborations with partners including Google, Dell Technologies, Nokia, Cisco, Lenovo, Supermicro and MSI are driving adoption of Intel processors.
Recently, TPIsoftware has adopted Intel Xeon 6 processors with Performance Cores and Intel Arc Pro B60 GPUs as the computing foundation for its enterprise-grade sovereign AI solutions. This underscores Intel’s expanding role in secure on-premises generative AI deployments. Intel has also revealed that several industry leaders across industries, including AT&T, Verizon, Samsung and Ericsson, are leveraging Xeon 6 for network transformation and AI acceleration. Growing collaboration with industry leaders and a broadening customer base bode well for sustainable growth.
Steady Foundry Roadmap Execution is a PositiveIntel continues to make steady progress on its IDM (Integrated Device Manufacturing) 2.0 strategy and advanced manufacturing roadmap. Intel 18A entered production phase last year. The latest Intel Foundry update indicates Intel 18A-P entering risk production while maintaining compatibility with Intel 18A. The 18A-P is designed to deliver higher performance, lower power consumption and improved thermal characteristics.
Estimate Revision Trend of INTCEarnings estimates for Intel for 2026 and 2027 have increased over the past 60 days.
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Key Valuation Metric for IntelFrom a valuation standpoint, Intel appears to be relatively cheaper than the industry and below its mean. Going by the price/book ratio, the company's shares currently trade at 5.11 book value, lower than 25.71 of the industry average.
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End NoteIntel's innovative AI solutions are set to benefit the broader semiconductor ecosystem by driving down costs, improving performance and fostering an open, scalable AI environment. Innovative product launches cater to growing AI networking spaces, bodes well for sustainable growth. Demand for XEON 6 processors remains strong. Collaboration with major industry leaders is driving innovation. It is strategically investing to expand its manufacturing capacity to accelerate its IDM 2.0 strategy. This will likely bring long-term benefits. Upward estimate revision shows investors’ growing confidence in the stock’s growth potential. Hence, with a Zacks rank #1 (Strong Buy), Intel appears to be a good investment option at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Intel ve středu odepsal 9 % a poprvé výrazně narušil příběh obratu pod vedením Lip-Bu Tana. Firma sice dál zlepšuje tržby i marži, ale stále vykazuje miliardové GAAP ztráty a záporný volný cash flow.
Intel (NASDAQ:INTC | INTC Price Prediction) at $127 looks like a wait-and-see. After a year that saw the stock rise from around $22.40 to nearly $140, Wednesday’s 9% single-day drop is the first real crack in the Lip-Bu Tan turnaround narrative.
Intel is trying to become a leading-edge foundry, an AI infrastructure supplier, and a national industrial policy asset all at once. Since Tan took over, the company has strung together six consecutive quarters of revenue above expectations, secured a $5 billion equity investment from NVIDIA (NASDAQ:NVDA), a $2 billion stake from SoftBank, and a U.S. government ownership position that pushed the stock up 278.4% year to date. Then momentum stalled. Since May, the stock has drifted, and this morning it gave back a chunk of gains in one session.
The operating numbers are improving Q1 FY26 non-GAAP EPS came in at $0.29 against a $0.0127 consensus, revenue hit $13.58 billion, up 7.18% year over year, and non-GAAP gross margin expanded to 41.0% from 39.2%. The Data Center and AI segment grew 22% year over year, which matters because that is where NVIDIA’s GPUs need Xeon host CPUs.
Strategic wins keep stacking. Intel Xeon 6 was selected as the host CPU for NVIDIA’s DGX Rubin NVL8 systems, Google signed a multiyear ASIC and Xeon deal, and Intel 18A is in high-volume manufacturing in Arizona. Cantor Fitzgerald raised its price target to $150, and Jim Cramer said Tan has “successfully turned the company around.”
The GAAP story tells a different tale Q1 FY26 posted a $3.73 billion net loss and a $3.14 billion operating loss, weighed down by a $4.07 billion restructuring charge tied largely to Mobileye goodwill impairment. Intel Foundry, the entire point of the leading-edge bet, keeps burning cash, with recent operating losses running $2.51 billion in Q4 2025. Free cash flow was negative $3.87 billion last quarter.
Valuation now assumes everything works. Forward P/E sits at roughly 118x, and Trefis flagged a looming “margin squeeze” from rising input costs and softening PC demand. Reddit sentiment on wallstreetbets has rolled from scores of 77 to 82 in mid-June to 32 to 50 by late June. Composite prediction-market sentiment has fallen 6.37 points over the past week.
Both sides are half right The product cycle is real, DCAI is accelerating, and Intel 18A is shipping. But the foundry has not proven it can attract an anchor external customer, and Intel 14A could be paused or discontinued if that customer never shows. The next real read is Q2 2026 earnings on July 23, 2026, when guidance of $13.8 billion to $14.8 billion in revenue and $0.20 non-GAAP EPS either gets validated or trimmed.
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Insiders are net buyers across 47 recent transactions, which is what you see when management thinks the market is jumpy in the short run.
The analyst picture Intel currently trades at $128.21 against a consensus analyst target of $98.50, which implies roughly 23.19% downside. Cantor’s $150 outlier shows how wide the range has become. Coverage spans 48 analysts, and the distribution leans defensive.
Strong Buy: 2 Buy: 10 Hold: 31 Sell: 2 Strong Sell: 3 INTC is up 456% over the past year, which is something the SPY hasn’t achieved in even 10 years.
Why waiting is the right call At $127, Intel is a Hold. The bull case needs one more clean quarter to reprice higher, and the bear case needs one soft foundry update to send it back toward the analyst consensus in the $90s. Neither is knowable before the July 23 earnings report.
Buying today means paying 118 times forward earnings for a company still posting multibillion-dollar GAAP losses and burning cash on capex. Selling today means calling the top on a name where NVIDIA, SoftBank, and the U.S. government are all aligned owners.
The thesis strengthens if Q2 revenue lands at the high end of guidance, DCAI stays above 20% growth, and Tan names an external 14A customer. It weakens if gross margin slips below 39%, foundry losses widen, or 14A gets shelved. Today’s 9% drop is a warning shot. The cost of waiting three weeks is small compared to the cost of guessing wrong on a stock that has already run more than 500%.
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Nasdaq futures were down 0.54%, while S&P 500 futures slipped 0.31%, weighing on technology stocks ahead of the opening bell.
Intel appeared to be facing profit-taking after a strong rally that pushed the stock close to its 52-week high.
The stock has significantly outperformed the broader market over the past year. That leaves it vulnerable to short-term selling when investor sentiment weakens.
With shares trading well above their major moving averages, traders may also be locking in gains as the market shifts toward a more risk-off tone.
Intel Emerges as a Major AI WinnerCNBC reported that the three companies added roughly $2 trillion in combined market capitalization during the quarter, making them the 10th-, 11th- and 12th-most valuable U.S. technology companies. Intel shares surged 216% during the quarter, adding about $480 billion to the company’s market value.
Analysts See Rotation Into AI InfrastructureBarclays analyst Anshul Gupta told CNBC that investors rotated money out of AI hyperscalers and into companies supplying the hardware needed to build AI infrastructure.
That shift fueled sharp gains across semiconductor stocks as investors looked beyond AI chip leaders to companies positioned to benefit from rising data center investment.
Analysts told CNBC the rally could represent a “changing of the guard in AI,” with investors favoring companies that complement NVIDIA’s ecosystem rather than compete directly with it.
Cramer Says Intel Is His Favorite Tech WinnerCNBC’s Jim Cramer highlighted Intel as one of the standout technology performers of the second quarter, crediting CEO Lip-Bu Tan with transforming the company’s outlook.
Cramer called Intel his favorite stock among the quarter’s biggest technology winners.
He said investors are rewarding companies that produce technology in short supply while large technology customers continue spending aggressively to support AI expansion.
He identified three major growth drivers for Intel: its leadership in CPUs that power AI agents, its higher-margin chip packaging business, and its expanding foundry operations.
Cramer also said Intel could eventually help ease the industry’s memory shortage and described the company as “a national treasure.”
The stock is trading about 13% above its 20-day simple moving average of $121.79 and roughly 132% above its 200-day simple moving average of $59.34. The 20-day average remains above the 50-day average, while the 50-day average is above the 200-day average, a bullish alignment that often supports buy-the-dip activity.
Momentum indicators also remain constructive. The MACD is above its signal line, and the histogram remains positive, suggesting upward momentum continues even as the stock consolidates.
Traders are watching resistance near $141.50. A sustained move above that level could open the door to a test of the 52-week high of $142.35.
Earnings Remain the Next Key CatalystIntel is scheduled to report second-quarter earnings on July 23.
Analysts expect earnings of 19 cents per share, compared with a loss of 10 cents a year earlier. Revenue is projected to rise to $14.40 billion from $12.86 billion in the prior-year period.
Wall Street currently has a consensus Hold rating on the stock with an average price forecast of $88.63.
Recent analyst actions include Cantor Fitzgerald raising its price forecast to $150 while maintaining a Neutral rating on June 29, Goldman Sachs initiating coverage with a Neutral rating and a $150 price forecast on June 25, and Bank of America Securities raising its price forecast to $160 while reiterating a Buy rating on June 23.
Top ETF ExposureINTC Stock Price Activity: Intel shares were down 1.57% at $137.44 during premarket trading on Wednesday, according to Benzinga Pro data.
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Intel je podle článku jediný z trojice HP, Intel a Xerox s reálným růstem: tržby vzrostly o 7,2 % na 13,577 miliardy USD a segment Data Center and AI vyskočil o 22 %.
Although HP (NYSE: HPQ | HPQ Price Prediction), Intel (NASDAQ: INTC), and Xerox (NASDAQ: XRX) each defined an entire category of American hardware, Wall Street no longer prices them as peers. One ticker has vaulted, one has drifted, and one is fighting for survival at a sub-$500 million market cap. The more useful frame is the IBM template: when a legacy hardware franchise pivots, survivors carry a real product-cycle catalyst, sufficient balance sheet runway, and operating leverage. Lou Gerstner’s 1990s mainframe-to-services rebuild is the yardstick, and only one of these three currently clears it.
Start with the scoreboard. Intel has climbed 470.3% over the past year and 283.7% since June 2023, closing at $128.32 on June 26. HP slipped 7.4% over the past year and 22.7% across three years, ending the same session at $22.88. Xerox has lost 38.3% over the past 12 months and 76.7% across three, finishing at $3.31. The Gerstner question is which move rests on a rebuild and which is noise.
HP: Managed Decline With a Cash Sleeve HP’s most recent quarter looks clean on the surface. Q2 FY26 revenue of $14.408 billion rose 8.99% year over year and beat consensus by 2.4%, while non-GAAP EPS of $0.86 beat the $0.72 estimate by 20.26%. Personal Systems surged 13%, Commercial PS jumped 14%, and free cash flow swung to $800 million from negative $100 million a year earlier. Management narrowed the full-year non-GAAP EPS band to $2.90 to $3.10.
However, the core franchise still carries mature-market scars. Printing was flat, Consumer Printing dropped 10%, total PC units fell 7%, and stockholders’ equity remained negative at –$144 million. A restructuring program targets roughly $1 billion in run-rate savings by FY2028 with 4,000 to 6,000 job cuts, while $100 million in buybacks and a $0.30 quarterly dividend return cash to shareholders. The thesis is cost discipline and capital return. That profile matches managed decline rather than Gerstner-grade reinvention.
Intel: High-Stakes Reinvention Intel’s Q1 FY26 earnings report is the closest match to the survivor profile in this group. Revenue of $13.577 billion grew 7.2% and beat by 9.22%, while non-GAAP EPS of $0.29 crushed the $0.0127 consensus estimate. Data Center and AI revenue vaulted 22% to $5.052 billion, and Intel Foundry grew 16% to $5.421 billion, now roughly 40% of total revenue. Non-GAAP gross margin expanded to 41.0% from 39.2%, marking the sixth consecutive quarter above revenue expectations.
The catalyst stack is tangible. A multiyear Google partnership covers Xeon and custom ASIC IPUs, Intel Xeon 6 was selected as the host CPU for NVIDIA’s DGX Rubin NVL8, and a Terafab project lines up SpaceX, xAI, and Tesla. A $5.0 billion NVIDIA equity investment and a U.S. government equity stake backstop the runway, while cash of $17.247 billion, up 92.77% year over year, funds the foundry buildout. CEO Lip-Bu Tan put it bluntly: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.” The tradeoffs are meaningful: a $4.07 billion Mobileye-related charge drove a $3.73 billion GAAP net loss, foundry remains unprofitable, and capex stays heavy. The profile matches genuine reinvention rather than a capex-cycle trade.
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Xerox: Racing the Clock Xerox is running the abandon-the-old-battlefield script. The Lexmark deal and the ITsavvy and Powerland tuck-ins push the company toward IT and managed services. The balance sheet is the catch. Total liabilities stand at $9.37 billion against just $305 million of shareholders’ equity. Q1 2026 revenue of $1.846 billion rose 26.7% on acquisitions, but pro forma revenue declined 3.7%, and equipment gross margin collapsed to 10.8% from 27.9%, and adjusted EPS of negative $0.43 missed by 56.36%. Free cash flow ran to negative $165 million, and non-financing interest expense surged to $84 million from $33 million on acquisition debt.
CEO Louie Pastor told investors, “We are closer to an inflection point than the external narrative suggests.” The market disagrees. The analyst consensus price target is $2.75, with bearish sentiment, while trailing EPS stands at –$8.34, book value at $2.286, and the forward multiple at 3x. That is a credit-distress profile. The strategy fits the Gerstner playbook on paper. The capacity to execute it fits the Kodak playbook on the filings.
The Ranked Verdict Measured against the IBM survivor template (product-cycle catalyst, balance sheet capacity, operating leverage), the order is unambiguous.
Intel. The only profile here with a genuine AI tailwind, $17.247 billion in cash, NVIDIA and Google ecosystem validation, and margin expansion alongside a structural mix shift into foundry. HP. A disciplined operator with an FCF inflection and steady capital return, but no reinvention engine to anchor the next decade. Xerox. A textbook pivot attempted from a Kodak-shaped balance sheet. Direction is correct, runway is short. Long term, Wall Street keeps rewarding platform reinvention over hardware nostalgia. The decade-long tape says the same: Intel up 291.8% over a decade, HP up 86.6%, and Xerox down 86.7%. Same battlefield, three very different futures.
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Intel (INTC 3.20%) was once at the top of the semiconductor industry. But after arriving late to the AI boom, losing its technological edge to rivals like Advanced Micro Devices and Taiwan Semiconductor Manufacturing, and stumbling out of the gate in the competitive foundry business, its dominance turned into a sobering lesson in how quickly even the best chip companies can fall.
Image source: Getty Images.
Lately, though, a string of wins suggests Intel's AI bet is finally starting to pay off, raising a fair question: Is it time to reconsider this stock? The fact is, revenue is improving, foundry partnerships are stacking up, and investor confidence is clearly back.
Still, headlines don't tell the whole story. To see whether Intel's momentum is real, investors need to look at where the company actually stands in AI and what's driving this move.
From $40 to $130 in half a year? How? Intel's stock price action has been hard to ignore. Shares are up more than 230% year to date and 484% over the last 52 weeks, and the stock recently pushed through $140 to a new all-time high.
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That kind of rally doesn't happen for just one reason. Intel's cost-cutting is starting to show up in the numbers, and its renewed focus on AI is catching investors' attention.
But the biggest contributors have been partnerships with major AI players. In April, Intel announced a deeper collaboration with Alphabet to expand the use of its Xeon CPUs and custom IPUs for AI workloads.
Around the same time, Intel joined the Terafab project as a strategic partner alongside Space Exploration Technologies and Tesla, contributing design, fabrication, and advanced packaging capabilities. Intel is set to serve as a key manufacturing partner.
Is it ambitious, like perhaps one of Elon Musk's projects? Absolutely. But SpaceX and Tesla are willing to spend real money to try, and that's exactly the kind of business and validation Intel has lacked in recent years.
That brings us to the biggest catalyst behind the stock's move: the foundry business.
Foundry generated $5.4 billion in revenue in Q1 For years, Intel Foundry was viewed as a giant money pit.
Intel poured tens of billions into advanced manufacturing capacity, process technology, and fab expansions, while the segment reported multibillion-dollar operating losses. Investors were asked to be patient, even as the losses kept piling up.
Now, the narrative is shifting.
As mentioned earlier, Foundry's latest quarterly revenue is becoming a meaningful part of the business. It suggests Intel no longer has to rely solely on selling its own processors. It can also manufacture chips for other companies. And with the AI boom still in full swing, hyperscalers are spending billions to secure leading-edge silicon. That gives Intel a chance to capture a piece of a market it entered late.
Operating losses are also in the billions To be clear, Foundry is still unprofitable. In the first quarter of FY 2026, the segment reported an operating loss of about $2.44 billion , with Intel remaining in the red on a GAAP basis. Net loss also ballooned more than 350% year over year.
Nobody expected Foundry to flip to profitability overnight, though. The more important point is that revenue is moving in the right direction. Partnerships with hyperscalers and AI leaders add credibility, which could translate into a real advantage in contract manufacturing.
If Intel keeps executing on its roadmap, improves yields, and wins a few more high-profile clients, its original Foundry vision could eventually materialize.
Is Intel a buy today? Intel stock currently carries a buy rating from Wall Street. Still, more analysts are leaning toward a hold as the stock approaches its price target, and that hesitation makes sense.
It's one thing to reinforce the story with partnerships and improve revenue. It's another to turn that good news into steady, durable profits. Investors will need more validation. But at this point, it does look fair to say Intel's foundry bet is no longer just a costly experiment. It's a legitimate path to future growth, and a big reason some investors are taking a fresh look at the stock.
Intel vykázal tržby 13,577 miliardy USD, meziročně o 7,2 % více, a datová centra a AI vzrostly o 22 % na 5,052 miliardy USD. Qualcomm měl tržby 10,599 miliardy USD, o 3,46 % méně, ale automobilový segment vyskočil o 38 % na rekordní úroveň 1,326 miliardy USD.
Intel (NASDAQ: INTC | INTC Price Prediction) and Qualcomm (NASDAQ: QCOM) both just delivered earnings that tell very different stories about how to win in AI silicon. Intel posted a sixth straight revenue beat while absorbing a $4.07 billion Mobileye charge. Qualcomm landed its fourth consecutive EPS beat with handset weakness offset by record auto.
Foundry Momentum Carries Intel. Cars Carry Qualcomm. Intel’s Q1 FY2026 earnings report showed $13.577 billion in revenue, up 7.2% year over year, with Data Center and AI climbing 22% to $5.052 billion and Intel Foundry up 16%.
CEO Lip-Bu Tan framed the moment plainly: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic.” Non-GAAP gross margin expanded to 41%, a real signal that the 18A ramp is paying off.
Qualcomm’s quarter looked steadier and stranger. Revenue of $10.599 billion slipped 3.46% year over year. Handsets fell 13% to $6.024 billion on memory constraints and weak Chinese OEM demand.
Automotive ripped 38% higher to a record $1.326 billion, and IoT added 9%. Cristiano Amon told investors Qualcomm is now “in a period of profound industry transformation” tied to AI agents.
One Rebuilds Manufacturing. One Buys Back Stock. The strategic split is the whole story. Intel is pouring capital into wafers, with $4.963 billion in Q1 capex, an Ireland fab buyback, and a fresh Penang expansion.
Qualcomm is doing the opposite, returning cash aggressively. Management authorized a $20 billion repurchase and bought back $2.8 billion in shares last quarter alone.
Lens Intel Qualcomm Core Bet U.S. foundry plus Xeon for AI hosts Snapdragon expansion into auto and data center Marquee Win Xeon 6 selected for NVIDIA DGX Rubin NVL8 Hyperscaler custom silicon shipping in 2026 Key Vulnerability GAAP losses, capex risk if 14A demand slips Handset concentration, Apple vertical integration Intel’s forward P/E of 154 reflects an earnings recovery the market is willing to underwrite. Qualcomm trades at a far more grounded 24 trailing P/E with a 1.67% yield. Two different risk profiles, same end market.
The Next Test Is Whether Diversification Sticks I will be watching Intel’s Q2 guide of $13.8 billion to $14.8 billion and whether 18A yields hold as volume scales. The Google ASIC partnership and the reported Apple production tie-up could reshape the foundry narrative if either delivers signed wafer commitments.
For Qualcomm, the June 24 Investor Day is the catalyst. The key items to watch are hard data center revenue targets and any color on the Alphawave integration. The Chinese handset trough is expected to bottom in Q3 and recover in Q4, so any slip there changes the math fast.
Why I Lean Toward Qualcomm If I Had to Choose Today Intel’s chart has been remarkable. The stock is up 263.12% year to date and 100.64% since the April earnings release. That run already prices in a lot of foundry success that has yet to show up in GAAP profit.
For me, Qualcomm’s mix of record auto growth, a real dividend, and a credible data center entry feels easier to underwrite. Intel offers turnaround torque for investors who can tolerate restructuring noise, while one more clean quarter would further validate the thesis.
Akcie Intelu vyskočily o 10,64 % po zprávě, že Apple s ním má v USA navrhovat a vyrábět čipy. Bernstein to označil za sázku na úspěch foundry businessu.
Intel (NASDAQ:INTC | INTC Price Prediction) ripped higher last week after former President Donald Trump posted on Truth Social that Apple (NASDAQ:AAPL) had agreed to design and manufacture chips with Intel inside the United States. Intel closed up 10.64% at $133.99, with INTC stock now above $140. Bernstein’s Stacy Rasgon, on CNBC, framed the move bluntly. “Intel at these prices, I mean, you’re betting on foundry success.”
What the rumored Apple deal actually is Neither company has confirmed anything. No official statements from Apple or Intel had been issued as of Thursday afternoon, and Wedbush analysts cautioned that Apple’s involvement would likely focus on mature or lower-end silicon rather than its flagship processors. So when Rasgon says the rumored part is probably a low-margin PC chip, that lines up. The dollars at stake on day one are small.
“The first step is always the hardest. And if it actually does happen, at least it’s the first step.” Apple has been a TSMC customer for years. Pulling any wafer volume back to Arizona is symbolic capital that compounds. Dan Ives of Wedbush agreed, telling viewers “This is the right time to now really double down on a potential partnership.”
Why foundry is the entire thesis CEO Lip-Bu Tan has spent a year telling investors the foundry business is the future of Intel, and the numbers have started to cooperate. Q1 FY2026 Intel Foundry revenue came in at $5.421 billion, up 16% year over year, an acceleration from +4% in Q4 2025 and -2% in Q3 2025. Tan attributed the jump to “unprecedented demand for silicon and advanced packaging.” You can read the full release on Intel’s Q1 8-K filed with the SEC.
The losses are still real. Foundry operating losses ran $3.2 billion in Q2 2025, $2.3 billion in Q3 2025, and $2.51 billion in Q4 2025. Tan needs external customers to fill the new Arizona fabs or the depreciation math never works. He has been picking them up. NVIDIA (NASDAQ:NVDA) put $5 billion into Intel common stock last year, SoftBank added $2.0 billion, and Intel joined the Terafab project alongside SpaceX, xAI, and Tesla. The U.S. government took roughly a 10% stake and disbursed $5.7 billion in CHIPS Act funding in Q3 2025 alone. Apple would be the consumer-brand stamp the roster has been missing.
The valuation is doing real work here Intel’s market cap sits near $588 billion, with a forward P/E around 147x and trailing EPS still negative at -$0.60. The stock is up 563% over the past year and 257% year to date from a starting price of $36.90.
The consensus analyst target is $93.12, which sits well below where the stock trades today. So either the sell side is too slow or the market is paying a serious premium for foundry optionality. Bank of America’s Vivek Arya jumped sides on June 11, double-upgrading Intel to Buy with a $135 price target and modeling foundry revenue surpassing $45 billion by 2030.
What Apple gets, and what to watch For Apple, the calculus is supply diversification. Tim Cook just warned that product price increases are “unavoidable” because AI demand is bidding up memory and storage costs, with TechInsights estimating an extra $270 in cost on the next iPhone Pro. A second U.S.-based source on mature nodes is cheap insurance. Apple shares barely moved, up 0.7% to $298.01, which is the right reaction for a $4 trillion company taking a small hedge.
The investor question now is whether Intel and Apple confirm the arrangement, and at what node. Intel 18A is already in high-volume manufacturing in Arizona, and the 18A-P process recently entered risk production. If the first Apple parts run on those lines, Rasgon’s first step turns into a credible second one. If the announcement stays a Truth Social post, the foundry premium baked into Intel’s stock gets a lot harder to defend.
Intel spustil zkušební výrobu svého procesu 18A-P, který má zlepšit výkon o 9 % nebo snížit spotřebu o 18 % oproti 18A. Firma tím chce znovu získat půdu v serverových CPU proti AMD.
Intel (INTC 1.39%) has been losing ground to Advanced Micro Devices (AMD 1.77%) in the server central processing unit (CPU) market, primarily due to the superior performance and lower costs of the latter's Epyc server CPUs.
In fact, AMD seems better-positioned to capitalize on the growth of the server CPU market right now. After all, AMD is gaining share at a nice clip in server CPUs, a market that has received a nice shot in the arm thanks to the growing demand for AI inference workloads. Intel, however, is preparing to fight back against AMD, as evident from its latest move.
Image source: Intel.
Intel is looking to close the technology gap with AMD Intel recently announced that its advanced 18A-P process node is now in risk production. This is the stage during which chips are produced in low volumes to gather data on whether they will meet customer requirements, what their defect rate is, and whether they deliver the claimed performance and efficiency gains.
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It is worth noting that Intel 18A-P is a refined version of the company's 18A process node. The company is promising a 9% improvement in performance compared to the 18A at identical power consumption. Meanwhile, the 18A-P node uses 18% less power while operating at the same performance level as the 18A. Even better, Intel points out that the refined process node is 20% to 40% more thermal resistant, suggesting that it will cost less to cool.
The risk production phase is ideally followed by volume production within the next 12 to 24 months, as noted by Tom's Hardware. However, as this is the refined version of an existing node, it is likely to take less time to get to that point. Intel has started volume production of client and server chips based on the 18A process already and noted on the April earnings call that this is the "fastest new product ramp in five years."
Importantly, the Xeon 6 server processor, manufactured using Intel 18A, is gaining traction among server CPUs. Nvidia has selected it for its Rubin rack-scale servers. Moreover, Intel points out that demand for its Xeon server CPUs exceeds supply, suggesting that the company's most advanced process node could allow it to arrest the market share slide it has been experiencing in the CPU market.
Of course, it remains to be seen how Intel 18A-P fares in the risk production phase. However, since the company has already brought the 18A into volume production, there is a good chance the 18A-P will make the cut and enter volume production as well. This could give Intel a much-needed boost against AMD.
Why the 18A-P process could be an important one for Intel Intel's share of the server CPU market slid by six percentage points year over year to 66.8% in the first quarter of 2026, according to Mercury Research. The chip giant's share of consumer CPUs, meanwhile, dropped by 5.5 percentage points to 70.4%. AMD accounted for the rest of the market.
What's more, AMD's revenue share of these markets is higher than its unit share, suggesting that it enjoys stronger pricing power. If Intel manages to deliver the performance gains it claims and helps lower costs for users by reducing cooling requirements, it can indeed stop AMD from clawing away more market share.
An important point worth noting is that Intel's data center and AI (DCAI) products and the foundry business are already showing promising signs of growth. The company's DCAI revenue increased by 22% year over year in Q1 to $5.1 billion, while the foundry business recorded 16% growth to $5.4 billion. The mass production of the 18A-P node could give both these businesses a shot in the arm.
While Intel will be able to produce more powerful and power-efficient chips thanks to a more advanced node, it is believed that the 18A-P could help it land Apple as a foundry customer. Given that the DCAI and foundry segments produced a combined $10.1 billion revenue out of Intel's overall revenue of $13.6 billion in Q1, they can move the needle in a bigger way for the company, thanks to its product development moves.
As a result, don't be surprised to see Intel's revenue growth exceeding analysts' expectations of around 10% growth going forward.
Data by YCharts
That's why it may be a good idea for investors to continue holding this AI stock, as the advancements it is making on the product side could help it deliver stronger-than-expected growth, which may translate into more stock price upside.
Jim Cramer označil Intel za svůj nejlepší AI čipový titul, i když akcie letos už vzrostly o 263 %. Opírá se o rostoucí roli CPU v agentické AI a zlepšení foundry segmentu.
Jim Cramer, the longtime host of CNBC's Mad Money, recently named Intel (INTC 1.39%) his top artificial intelligence (AI) chip stock. This was a pretty bold move considering that the stock has already rallied by 263% so far this year.
Indeed, Cramer commands one of the more durable audiences in retail investing. His rapid-fire delivery and unfiltered opinions have resulted in countless soundbites featuring actionable investment ideas amid market noise. With that said, his visibility can be polarizing, and detractors often label his calls hyperbolic -- noting the many instances where his enthusiasm has outpaced important nuance or his timing has proven inaccurate.
Nevertheless, his Intel bull thesis centers on two underappreciated dynamics: the company's CPU heritage as the artificial intelligence revolution heads towards its agentic AI era, and the tangible signs that its chip foundry operation is stabilizing. These points deserve scrutiny rather than a simple echo of pundit commentary. Let's dig in to see if Cramer is right.
Image source: The Motley Fool.
Move over, GPUs -- CPUs are making a comeback When given a specific objective to accomplish, agentic AI systems can plan out a set of steps, gather data, and follow through with multistep actions to complete it with minimal human oversight. These software models are changing the nature of the accelerated computing equation, moving it beyond its prior focus on parallel processing power. When it comes to training generative models and basic inference deployments, the complex matrix operations involved need to be handled by GPUs or other types of parallel processing chips. But when users are deploying fleets of autonomous agents, that introduces orchestration layers that CPUs handle more efficiently.
During the earlier stages of the AI revolution, hyperscalers could sequence their chip purchases: first securing massive GPU clusters from Nvidia, and then retrofitting their servers or expanding CPU capacity later as their utilization needs became clearer. This tactic worked when AI workloads were dominated by generic training jobs or simple inference serving.
However, the rise in agentic workloads is inverting the old logic. GPU servers already connect each accelerator with a host CPU to manage traffic, memory coherency, and virtualization. The growth of agentic deployments exponentially multiplies the volume of CPUs required. Because each agent instance can create its own dynamic sub-tasks by querying external APIs and maintaining persistent context, the CPU architectures to support the whole system must now be procured and installed earlier in the process.
Intel's long history in server CPU production positions it to capture incremental socket demand that pure-play GPU designers will struggle to meet. The result is not a zero-sum displacement of GPUs, but a multiplier effect whereby each new tranche of AI accelerators sold results in orders for the CPUs that will make those clusters usable at scale.
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Intel's foundry recovery has been gradual, but respectable Throughout most of the AI revolution, Intel struggled with advanced-node chip manufacturing. Recent capital investments from both Nvidia and the U.S. government, as well as the hiring of Lip-Bu Tan as CEO last year, have helped the company make rapid improvements in the foundry operation.
During the first quarter, Intel's foundry business generated $5.4 billion in revenue -- an increase of 16% year over year. While this may look impressive on the surface, external foundry revenue -- sales that are not attributed to Intel's own products -- was only $174 million. Meanwhile, the foundry unit is still operating at a hefty loss.
Nevertheless, I think that a credible turnaround of Intel's foundry operation actually matters less for its own chips than for the broader AI infrastructure ecosystem. What I mean by that is that the chip sector's concentrated reliance on a single offshore manufacturer (Taiwan Semiconductor Manufacturing) introduces a number of potential points of failure -- geopolitical, logistical, or capacity-related.
Sophisticated buyers are going to increasingly price these factors into their capex plans. Against this backdrop, Intel's ability to secure more external customers for its leading-edge process nodes would validate its recovery and help it diversify its revenue sources away from its legacy integrated devices. While its external foundry business is still small, it has grown nearly sixfold year over year. I'm cautiously optimistic the company can capitalize on the demand tailwinds going forward.
Is Intel stock still a buy? Intel stock's massive upward moves this year have already priced in considerable optimism about AI tailwinds. To achieve sustained share-price appreciation from here will require Intel to convert the CPU demand thesis into measurable design wins and achieve foundry milestones without the multiyear delays that have previously plagued it.
Furthermore, it's important to realize that we are early in the agentic AI era. The infrastructure build-out required to support mass adoption of these applications will likely unfold more gradually than many pundits have predicted. Ultimately, this will give Intel's competitors in the chip design space some time to respond.
Nevertheless, the combination of the resurgent relevance of CPUs and Intel's recent validation as a third-party foundry gives it a degree of optionality that GPU-centric companies lack. Investors evaluating Intel are effectively betting that the next phase of the data center infrastructure build-out will reward balance across the AI chip stack over specialized products.
While Cramer's endorsement amplifies Intel's visibility, the underlying buy case should rest on more observable shifts in AI workload composition and supply chain choices. Whether this translates into durable earnings growth will depend on management's execution, which is never guaranteed. With that said, the directional logic of paired CPU-GPU demand and chip designers' desire to reduce the reliance on overseas foundry partners is enough to at least justify paying close attention to Intel's fundamentals rather than dismissing Cramer's commentary as mere market theater.
Intel vyčlenil pokročilé balení čipů do samostatné divize a jmenoval do jejího čela Seok-Hee Leeho. Firma zároveň rozjíždí proces 18A-P v režimu risk production.
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52-Week Range$18.97▼
$141.45Price Target$87.98
Intel Corporation NASDAQ: INTC has orchestrated a historic market reversal over the past six months, surging 281.8% year to date to trade near $141 per share. Investors evaluating this massive valuation expansion must look past legacy personal computer processor sales. The current momentum stems entirely from a highly subsidized, state-backed transition into a sovereign foundry powerhouse capable of rivaling Taiwan Semiconductor Manufacturing Company NYSE: TSM.
By securing unprecedented government backing and aggressively poaching top-tier manufacturing talent, Intel Corporation is systematically dismantling the primary barriers to domestic silicon fabrication. The thesis driving capital into Intel Corporation centers on a specific, highly lucrative bottleneck in the artificial intelligence (AI) hardware supply chain: advanced packaging.
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Stacking the Deck Against Overseas FoundriesModern artificial intelligence accelerators are no longer monolithic silicon chips. They rely on complex architectural designs that stack high-bandwidth memory directly alongside logic dies. This intricate physical assembly requires specialized back-end packaging technologies.
Currently, the broader semiconductor sector is constrained by the physical capacity limits of existing packaging lines. Taiwan Semiconductor Manufacturing Company operates the dominant advanced packaging platform, but surging order volumes from hyperscalers have left those facilities severely oversubscribed. Major fabless designers are now scrambling for alternatives.
Recognizing this structural industry shortfall, management at Intel Corporation executed a decisive leadership overhaul on June 18, 2026, carving out advanced packaging into an independent, hyper-focused business division.
To lead this critical unit, the board appointed Seok-Hee Lee as Executive Vice President. Lee brings invaluable operational experience from his tenure as chief executive officer of SK hynix, the exact memory giant that pioneered high-bandwidth memory integration. Placing a seasoned memory and packaging veteran directly in charge of commercializing proprietary technologies like Embedded Multi-die Interconnect Bridge-T and High-Density Hybrid Bonding signals a sharp operational pivot. The industry is recognizing that back-end packaging is just as critical to computing performance as shrinking transistor sizes.
Analysts are taking note of the revenue potential independent of traditional front-end wafer fabrication. Mizuho Securities recently raised its price target for Intel Corporation to $135, citing the potential for these distinct back-end packaging platforms to capture 10% to 15% of the total addressable market over the long term. Bank of America followed with an even more aggressive move, raising its price target on Intel Corporation to $160 from $135, marking its second target increase this month. While Mizuho’s upgraded target still trails Intel Corporation’s recent share price, Bank of America’s higher target suggests that parts of Wall Street still see upside despite the stock’s massive rally.
Apple and NVIDIA Validate the 18A-P NodeTo operate successfully as a contract foundry, a facility must demonstrate high, defect-free yields at volume. The clearest signal of yield viability comes from the capital commitments of industry leaders. The physical foundation for this validation was presented at the Honolulu VLSI Symposium earlier this month, where engineers from Intel Corporation confirmed that the enhanced 18A-P manufacturing process had officially entered risk production. This specific node delivers a 9% performance increase at equal power, an 18% power reduction at equal performance, and a 20% to 40% reduction in thermal resistance compared to standard 18A iterations.
Those thermal efficiencies perfectly position the 18A-P node for mobile and consumer computing applications. Days after the symposium, reports surfaced detailing a preliminary agreement with Apple Inc. NASDAQ: AAPL to shift production of mature M-series processors and iPad chips to domestic fabrication lines utilizing the 18A-P process. While volume production is not expected to scale until mid-2027, securing the world's most demanding supply chain operator serves as the ultimate commercial validation for the new domestic nodes.
This consumer-level agreement pairs seamlessly with heavier data center initiatives. In December 2025, NVIDIA Corporation NASDAQ: NVDA finalized a $5 billion strategic equity investment in Intel Corporation, taking a roughly 4% stake at $23.28 per share. The two entities are co-developing multiple generations of custom x86 processors featuring high-speed interconnect integration. Embedding domestic manufacturing directly into the core of the leading artificial intelligence hardware ecosystem effectively creates an industry-wide backstop for Intel Corporation's survival.
Weighing Sovereign Backing Against RealityThe geopolitical necessity of a domestic semiconductor supply chain provides a unique floor for Intel Corporation. Brokered in August 2025, the U.S. government established a direct 10% equity stake via an initial $10 billion investment package. As Intel Corporation's market capitalization recently crossed $708 billion, its sovereign position has appreciated to more than $70 billion. Aligning national security interests directly with the foundry's financial viability mitigates the extreme downside risks that typically accompany a turnaround story of this magnitude.
Investors must square this immense structural optimism with harsh financial realities. Contract manufacturing is a highly capital-intensive business in which utilization rates determine profitability. If fabrication plants do not run at near-maximum capacity, depreciation costs rapidly erode margins.
Overall MarketRank™68th Percentile
Analyst RatingHold
Upside/Downside33.5% Downside
Short Interest LevelHealthy
Dividend StrengthN/A
News Sentiment0.97 Insider TradingSelling Shares
Proj. Earnings Growth53.97%
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Intel Corporation currently trades at a stretched forward price-to-earnings ratio of 223x. The foundry division continues to post massive operating deficits, absorbing a $2.4 billion loss in the first quarter of 2026 alone. Heavy capital expenditures required to equip the localized Arizona facilities will guarantee continued margin compression for at least the next four to six quarters.
Comparing Intel Corporation to its primary overseas rival highlights the premium investors are currently paying. Taiwan Semiconductor Manufacturing Company maintains a trailing price-to-earnings ratio of nearly 38x while already controlling 70% of the contract manufacturing market. Intel Corporation is currently pricing in years of flawless execution, creating a significant execution gap between today's capital outlays and mid-2027 revenue realization.
Despite the staggering multiples, institutional capital continues to flow toward the domestic production narrative. The institutional consensus reflects a firm belief that the shift in capital expenditure back toward domestic fabrication will generate cash flows large enough to justify the current premium valuation. Short interest remains remarkably low at just 2.69% of the public float, indicating a distinct lack of bearish conviction against the sovereign-backed rally.
Silicon Supercycle: Constructing a Position in American SiliconThe fundamental transition of Intel Corporation from a legacy designer to an essential contract manufacturer is fraught with capital-intensive hurdles. The aggressive restructuring of the advanced packaging division under proven leadership indicates that management correctly identifies where the actual value lies in the modern chip cycle.
Those looking to allocate capital in the semiconductor space may want to monitor the timeline for the 18A-P node as it moves from risk production to commercial scaling. Investors comfortable with near-term margin compression and elevated volatility might view pullbacks as an opportunity to gain exposure to the only viable onshore alternative to overseas fabrication. Cautious market participants may prefer to wait for the foundry division of Intel Corporation to string together two consecutive quarters of narrowing operating losses before establishing a full position.
Should You Invest $1,000 in Intel Right Now?Before you consider Intel, you'll want to hear this.
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Bank of America zvýšila výhled pro Intel, Arm a Micron, protože poptávka spojená s AI infrastrukturou má podle ní vydržet nejméně do roku 2028. Odhad trhu s vybavením pro výrobu čipů zvedla na 190 miliard USD v roce 2027 a 250 miliard USD v roce 2028.
Bank of America raised its outlook for several semiconductor companies, including Intel INTC , Arm Holdings ARM and Micron Technology MU , after concluding that demand tied to artificial intelligence infrastructure may remain visible through at least 2028.
The firm increased its projections for global wafer fabrication equipment spending, which covers tools used to manufacture semiconductors. Bank of America now forecasts the market will reach $190 billion in 2027 and expand to $250 billion in 2028, reflecting a stronger trajectory than previously expected.
According to Bank of America, the revised outlook is supported by additional cleanroom capacity coming online, longer-duration agreements in the memory market and ongoing technology transitions that could increase equipment requirements for chip production. The firm also pointed to operational and capacity developments at Intel and Samsung as factors that may support advanced manufacturing activity in coming years.
Separately, Bank of America lifted its estimate for the semiconductor industry's total addressable market to $2.7 trillion, up from a prior forecast of $2.3 trillion. The brokerage said memory products and data-center infrastructure are expected to account for much of that expansion, while automotive and industrial end markets could provide an additional source of growth as those segments continue to recover.
