By Daniel Sparks
Publication Date: 2026-05-09 19:11:00
Shares of chipmaker Intel (INTC +13.79%) have been on a remarkable run. As of this writing, the stock has soared nearly 500% over the past year, with much of that gain piling up in the last several weeks alone. After the company posted its first-quarter results in late April and was reported to have reached a preliminary chip-manufacturing agreement with Apple earlier this month, the stock notched a fresh 52-week high near $130.
This kind of move naturally invites a question: Could Intel be the next Nvidia (NVDA +1.73%)?
The framing makes some sense. Both are AI-tied semiconductor giants, both have been pulled into the same generative AI infrastructure narrative, and both have CEOs talking up multiyear platform shifts. But the underlying businesses look very different — and so do the expectations baked into their stocks today.
Image source: Getty Images.
The bull case shouldn’t be ignored
To be fair, there’s more to Intel’s rally than just hype.
The chipmaker’s first-quarter 2026 revenue rose 7% year over year to $13.6 billion, beating the midpoint of management’s own guidance by more than $1 billion and marking the sixth consecutive quarter Intel has exceeded its own forecast. Further, non-GAAP (adjusted) earnings per share landed at $0.29, easily clearing management’s forecast for breakeven. And the company’s adjusted gross margin expanded to 41% from 39.2% in the year-ago quarter.
The data center and AI segment, which is now the focal point of the bull case, did…
