Intel shares jump as chipmaker sees second-quarter revenue at upper end of outlook

Shares of Intel Corp rose about 5% after the chipmaker’s finance chief said on Wednesday that the company is on track to hit the upper end of its second-quarter revenue forecast.

Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia Corp forecast quarterly revenue that stunned Wall Street, with the firm betting on the rapid adoption of AI tools.

“We’re going to track at $12 billion to $12.5 billion as we close out the second quarter,” Intel CFO David Zinsner said at the TD Cowen conference.

The company’s previous outlook in April was of revenue between $11.5 billion and $12.5 billion.