New York, January 14, 2026, 10:28 AM EST — Regular session
- Intel shares climbed 1.4% in morning trading, building on momentum from a bullish call by KeyBanc.
- The broker highlighted a tight supply of server CPUs in 2026 and flagged potential price hikes.
- Attention turns to Intel’s January 22 earnings, looking for clues on data-center demand and the pace of manufacturing advances.
Intel shares climbed 1.4% to $47.94 on Wednesday, retreating slightly from an earlier surge but holding steady after a big jump the previous day. So far, the stock has fluctuated between $47.56 and $49.41 during the session.
KeyBanc upgraded Intel to “overweight,” signaling the firm expects it to outperform peers, citing stronger-than-anticipated demand for server CPUs—the chips powering data centers. The broker also raised Advanced Micro Devices, noting that both companies seem “largely sold out” of their expected 2026 capacity and could boost prices by 10% to 15%. 1
Intel’s stock lately has been driven as much by execution updates as by quarterly results. Any hint of supply constraints or pricing strength in its AI data center segment can shift forecasts fast, especially amid the broader chip sector’s volatility.
KeyBanc analyst John Vinh highlighted “outsize data center demand” from hyperscale cloud operators as a potential boost for Intel this year. He noted the company is “almost sold out for the year in server CPU” and said management is considering a “10-15% ASP increase,” referring to average selling prices. Vinh also pointed out that Intel’s next-gen 18A manufacturing yields — the percentage of usable chips per wafer — have climbed above 60%. He mentioned Apple as a possible foundry client for some lower-end chips later this decade. 2
Intel’s foundry push marks the second phase of this trade. Foundries handle contract chipmaking for outside clients, a field long dominated by Taiwan Semiconductor Manufacturing. Intel aims to show it can produce cutting-edge chips both reliably and at scale.
Intel bucked the downtrend. While the SPDR S&P 500 ETF dipped 0.5% and the Invesco QQQ Trust dropped roughly 1%, the VanEck Semiconductor ETF slid about 1.1%.
The competition is fierce. AMD has been steadily gaining ground in servers, yet the AI expansion remains largely driven by accelerator chips, with Nvidia leading the pack. Intel’s bullish outlook depends on a turnaround in data-center CPUs and a solid foundry pipeline.
Intel will release its fourth-quarter and full-year 2025 earnings on January 22, after markets close. The company plans a conference call at 2 p.m. Pacific the same day. 3
The risks remain. Even robust demand won’t guarantee margins if supply bottlenecks hold, product launches falter, or customers resist price hikes; any hiccup in manufacturing could reignite skepticism fast.
Traders are now focused on whether Intel can maintain its recent gains through January 22. They’re zeroed in on remarks about server-CPU supply and pricing, as well as any news on the 18A ramp and outside foundry clients.
