Intel shares surged on Thursday after it reported strong earnings and financial forecasts and its chief executive hailed a “fundamental” change at the US chipmaker from a year-long turnaround and booming AI demand.
The stock rose as much as 20 per cent in after-hours trading, surpassing an all-time high set in 2000, after the company projected revenue of between $13.8bn and $14.8bn in the current quarter, beating Wall Street expectations.
Lip-Bu Tan, who became CEO just over a year ago, told investors his efforts to revive Intel were bearing fruit. “A year ago the conversation about Intel was about whether we could survive,” Tan said.
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