Intel Corp. (INTC) Soars to All-Time High as Revenues Climb on AI Demand

Intel Corp. (NASDAQ:INTC) is one of the 10 High-Flying Stocks With Double-Digit Returns.

Intel climbed to a new all-time high on Friday, as investors gobbled up shares after reporting robust revenues in the first quarter of the year.

At the intra-day session, the stock surged to its highest price of $85.22 before trimming gains to finish the day just up by 23.60 percent at $82.54 apiece.

Intel Corp.’s headquarters, the Robert Noyce Building in Santa Clara, California. Photo from Intel Corp website

In an updated report, Intel Corp. (NASDAQ:INTC) said that it was able to grow its revenues by 7 percent to $13.6 billion from $12.7 billion in the same period last year, on the back of growing demand for CPUs in the artificial intelligence era, coupled with unprecedented demand for silicon products. However, it remained at an attributable net loss of $3.7 billion versus $800 million in the same period last year.

Further buoying sentiment was the company’s upbeat outlook for its business, with CEO Lip-Bu Tan saying that the next wave of AI will significantly increase the need for Intel Corp.’s (NASDAQ:INTC) CPUs, wafers, and advanced packaging offerings.

“We are addressing this opportunity by listening to our customers and driving their success with our technical expertise and differentiated IP. 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,” he said.

For the second quarter of the year, Intel Corp. (NASDAQ:INTC) is targeting to grow its revenues by 7 percent to 15 percent to a range of $13.8 billion to $14.8 billion, versus the $12.9 billion posted in the same period last year.

It also expects to swing to a diluted earnings per share attributable to the company of $0.08, versus a $0.67 diluted loss per share attributable to the firm registered year-on-year.

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