NEW YORK — Intel Corp. (NASDAQ: INTC) shares surged more than 13% on Thursday, trading around $124.49 in afternoon trading, as investors cheered strong momentum in its artificial intelligence chip business, better-than-expected guidance, and signs that the company's multi-year turnaround under CEO Pat Gelsinger is gaining real traction. The dramatic move marked one of the largest single-day percentage gains for the chipmaker in years and pushed its market capitalization above $530 billion.

The rally was triggered by Intel's announcement of accelerating demand for its Gaudi 3 AI accelerators and new design wins with major hyperscalers. The company also raised its full-year 2026 revenue outlook and highlighted early success in its foundry business, where it secured additional external customers for advanced chip manufacturing. Volume was extremely heavy, more than triple the daily average, as short sellers covered positions and momentum investors piled in.

Intel reported fiscal first-quarter 2026 results that beat expectations on both the top and bottom lines. Revenue reached $12.7 billion, and the company posted a narrower-than-expected loss as cost-cutting measures and improved product mix began to show results. Most importantly, Intel's Data Center and........

© International Business Times