New York, Jan 21, 2026, 10:10 ET — Regular session
- Intel shares jumped about 7% during the morning session
- Fresh analyst upgrades are pushing the rally higher ahead of earnings
- Options markets are bracing for a big move following the earnings report
Intel shares climbed about 7% Wednesday morning, extending gains from a solid January rally ahead of the chipmaker’s next quarterly earnings report. The stock was last seen up $3.42, trading at $51.98.
Sentiment took a turn after two upgrades. First, HSBC’s Frank Lee eased back on his optimism about the server demand rebound fueled by “agentic AI”—AI that can plan and act on its own. At the same time, Seaport’s Jay Goldberg pointed to early promise in Intel’s next manufacturing phase. (MarketWatch)
Intel is scheduled to report earnings after Thursday’s close. Traders are rushing to hedge, with options pricing implying a move of roughly 8% up or down by week’s end. (Investopedia)
Intel’s recent rally stems from growing confidence that CEO Lip-Bu Tan’s turnaround plan is finally gaining traction, driven by a ramp-up in data-center deployments boosting demand for its server chips—even as Nvidia’s GPUs keep stealing AI headlines. “It’s the most optimistic, I think, people have felt about the company in a long time,” said Ryuta Makino, analyst at Gabelli Funds. He also sees “at least a double-digit server CPU price hike in 2026.” (Reuters)
Intel is set to release its Q4 and full-year 2025 earnings right after the market closes Thursday, followed by an earnings call at 2 p.m. PT. (Intel)
HSBC lifted its rating on Intel to hold from reduce, raising the price target steeply to $50 from $26. Seaport took a bolder stance, kicking off coverage with a buy rating and a $65 target. Both cited stronger momentum in Intel’s core products along with early progress on the 18A manufacturing process. (Investing)
Intel’s upcoming report comes amid rising doubts over its chances to regain ground in PCs and servers against AMD and Arm-based competitors, as well as its ability to draw outside business to its contract manufacturing division.
Execution is under the microscope: yields—the share of usable chips from each silicon wafer—are critical for margins as Intel ramps up 18A production and pushes to bring more manufacturing in-house.
There’s a fresh worry on the horizon, separate from any roadmap issues. Analysts are flagging that climbing memory prices could hike laptop costs, which in turn might cool PC demand. If that happens, Intel’s volume forecasts could take a hit, putting added pressure on parts of its business that handle surplus factory output.
Traders are zeroing in on the clarity of the read-through and the tone around demand. Investors want specifics: server pricing, progress with foundry customers, and whether Intel can maintain margins as it scales up new process technology.
Thursday’s earnings report arrives after the bell, serving as the next major catalyst. At 2 p.m. PT, Intel will hold its conference call, where it needs to either justify the recent rally with strong numbers or clarify what’s dragging performance down.
