Introduction
Intel stock is having its best day in years. On April 23, 2026, the chipmaker reported first-quarter results that destroyed Wall Street estimates. Revenue hit $13.6 billion—beating guidance by roughly $1.4 billion. Adjusted earnings per share came in at $0.29, compared to expectations of just $0.01.
The stock surged more than 25% in after-hours trading, adding approximately $64 billion in market value. At least 14 brokerages raised their price targets within hours of the report.
This post covers everything driving Intel stock right now. You’ll see the Q1 earnings breakdown, the analyst upgrades, and CEO Lip-Bu Tan’s vision for Intel’s AI-powered comeback. We’ll also examine the 18A process technology, the foundry business wins, and the risks that still cloud the outlook.
For an in-depth look at the Q1 financials, see our Intel Q1 2026 earnings breakdown . For a comprehensive analyst roundup, read our Intel stock analyst ratings and price targets guide .
Q1 2026 Earnings: The Numbers That Changed Everything
Intel’s Q1 2026 results obliterated expectations across every meaningful metric.
Revenue reached $13.6 billion, up 7% year-over-year, surpassing the midpoint of guidance by approximately $1.4 billion. Non-GAAP earnings per share came in at $0.29, nearly thirty times the $0.01 consensus estimate. Data Center and AI revenue hit $5.1 billion, up 22%, driven by surging demand for Xeon server processors. Intel Foundry Services grew 16% to $5.4 billion. AI-related business surged 40%, with custom chip (ASIC) annualized revenue crossing the $1 billion threshold.
The Q2 guidance was equally impressive. Intel projected revenue of $13.8 billion to $14.8 billion, with the $14.3 billion midpoint substantially above the $13 billion consensus. Earnings per share guidance of $0.20 was more than double the $0.09 analysts expected.
For a complete breakdown of every number, see our Intel Q1 2026 earnings deep dive .
CEO Lip-Bu Tan: “CPU Returns to the Core of AI”
Lip-Bu Tan marked his one-year anniversary as Intel CEO with the best quarterly results in years. On the earnings call, he embraced the famous “only the paranoid survive” philosophy of Intel’s late co-founder Andy Grove, calling Intel “driven, paranoid, and engineering driven.”
Tan made a bold declaration that caught Wall Street’s attention: “Over the past few years, the focus in high-performance computing has been almost entirely on GPUs and other accelerators. In recent months, CPU has returned to the core of AI.” He added that the CPU-to-GPU deployment ratio is already shifting back from 1:8 toward 1:4 as enterprises discover that powerful server CPUs can handle the majority of AI inference workloads more cost-effectively than expensive GPUs.
Tan also highlighted the enormous demand environment, stating that despite expanding factory capacity, “demand still exceeds supply across all business segments, especially for Xeon server CPUs,” with strong growth expected through 2026 and 2027.
For the full transcript and analysis, see our Intel CEO Lip-Bu Tan Q1 2026 remarks .
Analysts Rush to Upgrade: Price Targets Soar
The Q1 beat triggered an immediate wave of analyst actions. Within 24 hours of the report, at least 14 brokerages raised their price targets on Intel stock.
Roth Capital upgraded Intel to Buy from Neutral with a price target of $100, up from $50. HSBC raised its target to $100 from $95, maintaining a Buy rating and citing server CPU growth driven by agentic AI demand. Wells Fargo lifted its target to $85 from $55. UBS raised its target to $83 from $65, noting that 14A PDK progress had become a key catalyst.
Not everyone joined the celebration. JPMorgan kept an Underweight rating, raising its target only to $45 from $35. Bank of America maintained its Underperform rating while lifting its target to $56 from $48, arguing the recovery is already priced in. The analyst consensus stands at a Hold with an average price target of approximately $60, implying a potential downside from current levels.
For the full analyst roundup, see our Intel stock analyst consensus and ratings guide .
The 18A Technology Foundation
Underpinning the turnaround is Intel’s 18A process technology, which entered high-volume production in early 2026. The node delivers up to 15% better performance per watt and 30% improved chip density compared to Intel’s previous generation. Panther Lake consumer chips and Clearwater Forest Xeon processors were the first products built on 18A.
Attention is now shifting to the next-generation 14A node. UBS analysts identified 14A PDK progress as a “key catalyst” for the stock, as customer engagements are expected to convert into actual orders by late 2026 to early 2027. HSBC forecasts average selling prices to rise 20% in 2026 and another 10% in 2027.
For a detailed technical breakdown, see our Intel 18A and 14A process technology guide .
Foundry Wins: Google and Amazon Deals
Intel Foundry scored major customer wins in early 2026. Google and Amazon are reportedly in negotiations with Intel to use its EMIB advanced chip packaging service. Intel’s advanced packaging portfolio now rivals TSMC’s, with total customer commitments reaching billions of dollars this year. The foundry business also benefits from a “TSMC overflow” dynamic, where customers who cannot get sufficient capacity at TSMC turn to Intel as the only viable alternative.
For a complete analysis, see our Intel Foundry business and customer wins guide .
Risks That Remain
Despite the euphoria, several risks still hang over Intel stock. Morgan Stanley flagged competition as a long-term risk. Bank of America argues the recovery is already reflected in the stock price after an 80%+ year-to-date rally. Operating expenses are expected to rise in 2026 due to inflation, performance compensation, and strategic investments. And execution on the 18A and 14A nodes remains critical for the turnaround narrative to hold.
For a detailed risk breakdown, see our Intel stock risks and bear case analysis .
Conclusion
Intel stock just delivered one of its strongest quarterly reports in years, powered by surging AI server CPU demand, foundry momentum, and 18A technology execution. CEO Lip-Bu Tan’s declaration that “CPU returns to the core of AI” captures the fundamental shift in market perception that is driving the rally. With Q2 guidance crushing estimates and analysts racing to raise targets, the bull case for Intel is the strongest it has been in over a decade. Whether the valuation—now reflecting nearly 80% year-to-date gains—leaves room for further upside will depend on continued execution.
Explore the Full Intel Stock Resource Center
- Intel Q1 2026 Earnings: Full Breakdown and Analysis
- Intel CEO Lip-Bu Tan: AI Strategy and One-Year Turnaround
- Intel Stock Analyst Ratings & Price Targets: 2026 Consensus
- Intel 18A & 14A Process Technology: The Turnaround Foundation
- Intel Foundry Business 2026: Google, Amazon Deals & TSMC Competition
- Intel Stock Risks: Competition, Execution & Valuation Concerns