New York, Jan 21, 2026, 10:10 ET — Regular session
- Intel shares climbed roughly 7% in morning trading
- New analyst upgrades fuel the rally ahead of earnings
- Options markets are pricing in a sharp move after the earnings report
Intel shares jumped roughly 7% Wednesday morning, building on a strong January rally as investors gear up for the chipmaker’s upcoming quarterly earnings. The stock last traded $3.42 higher at $51.98.
Two upgrades shifted sentiment, starting with HSBC’s Frank Lee, who softened his stance on the rebound in server demand driven by “agentic AI” — AI systems capable of independent planning and action. Meanwhile, Seaport’s Jay Goldberg highlighted early potential in Intel’s upcoming manufacturing phase. (MarketWatch)
Timing is key as Intel is set to report after Thursday’s closing bell. Traders are snapping up protection, with options pricing pointing to an expected swing of about 8% in either direction by week’s end. (Investopedia)
Intel’s recent surge is driven by bets that CEO Lip-Bu Tan’s turnaround is finally taking hold, with a data-center buildout pushing demand for its server chips—even as Nvidia’s GPUs continue to dominate AI headlines. “It’s the most optimistic, I think, people have felt about the company in a long time,” said Ryuta Makino, an analyst at Gabelli Funds. He also predicts “at least a double-digit server CPU price hike in 2026.” (Reuters)
Intel will report its fourth-quarter and full-year 2025 results right after the market closes on Thursday, with an earnings call scheduled for 2 p.m. PT. (Intel)
HSBC upgraded its rating on Intel to hold from reduce, boosting the price target sharply to $50 from $26. Seaport went further, initiating a buy rating with a $65 target. Both flagged strengthening momentum in Intel’s core products and early advances in the 18A manufacturing process. (Investing)
Intel’s upcoming report arrives as questions mount about its ability to reclaim market share in PCs and servers from AMD and Arm-based rivals, while also proving its contract manufacturing arm can attract external clients.
Execution is under the microscope: yields, or the portion of usable chips per silicon wafer, are crucial for margins as Intel scales up 18A production and aims to internalize more manufacturing.
Another immediate concern, unrelated to roadmaps, has surfaced. Some analysts caution that rising memory prices might push laptop costs higher, dampening PC demand. That scenario could throw a wrench in Intel’s volume projections and strain the segments of its business that absorb excess factory capacity.
Traders will focus on the clean read-through and demand tone. Investors, meanwhile, want details on server pricing, updates on foundry customer traction, and if Intel can hold margins steady while ramping new process tech.
Thursday’s earnings report, due after the bell, stands as the next big trigger. Then comes the 2 p.m. PT conference call, where Intel must either back up the rally with solid figures or explain what’s holding it back.
