New York, Jan 22, 2026, 4:36 PM EST — After-hours
- Intel shares climbed 0.2% in after-hours action, bouncing back after a volatile reaction to its earnings and forecast.
- The chipmaker warned that first-quarter revenue would fall short of Wall Street expectations, citing supply constraints.
- Traders are focused on management’s update regarding the 18A ramp and foundry demand.
Intel (INTC.O) shares climbed 0.2% to $54.32 in after-hours trading Thursday, swinging between $50.17 and $55.29 as traders absorbed the quarterly earnings report.
This move is significant since Intel’s shares have been surging ahead of the earnings, driven by optimism around an “AI server CPU” comeback and early progress in its manufacturing efforts. The real snag came not from the quarter itself, but from the outlook.
Intel projected first-quarter revenue between $11.7 billion and $12.7 billion, with the midpoint falling short of analysts’ estimates. This comes despite the company beating forecasts in the December quarter, Barron’s reports.
Intel reported fourth-quarter revenue of $13.7 billion, down 4% from the prior year, with non-GAAP EPS coming in at $0.15. CEO Lip-Bu Tan highlighted the launch of Intel’s first products on its 18A process, adding the company is “working aggressively to grow supply.” CFO David Zinsner noted supply will hit its “lowest level in Q1” before seeing improvement later. Intel Corporation
Thursday’s setup was anything but smooth. Intel shares surged almost 12% Wednesday, finishing above $54. The jump came after a handful of Wall Street firms flagged stronger-than-expected demand for Intel’s server CPUs and a more optimistic outlook ahead of the earnings report.
Seaport Research’s Jay Goldberg upgraded Intel to “buy,” setting a $65 price target. He believes the new Panther Lake lineup will boost Intel’s products business soon and help the company “retake share” this year. TipRanks
HSBC upgraded Intel’s rating to “hold” from “reduce,” boosting the price target to $50 from $26. The bank pointed to anticipated growth in Intel’s server segment driven by “agentic AI” demand, according to an Investing.com report.
Intel unveiled Panther Lake, a laptop chip crafted on its 18A manufacturing process, earlier this month at CES. The company is positioning it as a game-changer in its battle to regain market share from AMD.
Competitive pressure remains intense. Intel goes head-to-head with AMD in PCs and servers, while also competing across the wider data-center silicon market. Meanwhile, its foundry division is working to persuade external clients to have confidence in Intel’s manufacturing roadmap.
Downside risks are clear: should supply chain issues drag on beyond Intel’s projections, or if the 18A rollout delays, short-term revenue could take a hit despite steady demand. Intel’s challenges with 18A execution aren’t new, Reuters has noted.
Traders are turning to Tan and Zinsner to clarify exactly what’s bottlenecked—tools, substrates, packaging, or another factor—how fast supply might loosen in Q2, and if Intel can turn its “foundry traction” into steady orders.
Intel’s next key event is just around the corner: the company will hold its earnings call at 2 p.m. PT this Thursday. Investors are expected to push for clearer timelines on supply issues, 18A capacity, and updates on foundry customer developments.
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