Intel’s stock heads for best week years as analyst says chip maker has ‘material AI opportunity’
Just how many years could be as many as 14 or as little as three, depending on where the stock ends by the close, after one analyst said the chipmaker still has a “material AI opportunity” amid rivals Advanced Micro Devices Inc. and Nvidia Corp.
On Friday, Intel INTC shares were up 1%, off an intraday low of $35.60, trading at around $36.15, putting shares up 15.3% on the week, on track for their best week since the one ending July 17, 2009, when shares rose 17.1% after the chip maker reported a better-than-expected quarter and outlook, according to FactSet data.
“But for AI to drive stronger growth overall, we will need a recovery in servers spending to drive revenues back to a profitable level,” Moore noted.Year-to-date, Intel shares have risen 37%, compared with a 46% rally on the PHLX Semiconductor Index SOX , a 15% gain on the S&P 500 index SPX , a 31% surge on the Nasdaq Composite Index COMP , and a nearly 4% rise on the Dow Jones Industrial Average DJIA .
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