Intel’s stock surged over 20% in after-hours trading on April 23, following a strong Q1 earnings report and an announcement of a partnership with Tesla.
As of midday, Intel reported adjusted earnings per share of 29 cents, significantly exceeding the expected 1 cent. Revenue for Q1 reached $13.58 billion, surpassing the anticipated $12.42 billion.
This surge marks an impressive increase of more than 80% in Intel’s stock price throughout 2026. The company also forecasts Q2 revenue between $13.8 billion and $14.8 billion.
Intel’s data center revenue grew by 22%, totaling $5.1 billion. However, the company’s net loss widened to $4.28 billion during the latest quarter.
Tesla plans to utilize Intel’s next-generation chip fabrication process, committing approximately $3 billion to this initiative. Elon Musk stated that Tesla will be the first major third-party customer for Intel’s new manufacturing process.
Despite broader market declines, Intel’s stock closed up 2.3% on April 23. Analysts at Evercore ISI noted that “INTC’s new CEO fixed the balance sheet” and appears to have set the company back on a competitive track.
Within hours of the earnings report, analysts expressed optimism about Intel’s turnaround in the semiconductor industry.
Lip-Bu Tan remarked, “The CPU is reinserting itself as the indispensable foundation of the AI era.” This statement underlines growing confidence in chip manufacturing as demand for artificial intelligence technologies increases.
Intel’s stock soared more than 20% again on April 24, indicating renewed growth signs within the company.
Market reactions have been overwhelmingly positive, showcasing investor confidence in Intel’s strategic direction.
Still, uncertainties remain regarding how quickly Intel can fully recover from its previous losses while maintaining growth amid fierce competition from companies like Nvidia.