Intel jumps to 17-month high after Mizuho analyst upgrade

NEW YORK: Shares of Intel rose by nearly 7% on Thursday, hitting their highest level in 17 months, after Mizuho Securities upgraded its rating on the semiconductor maker’s stock to “buy,” citing prospects of increased revenue from forthcoming chips and new production facilities.

Intel is set to unveil a new data center and artificial intelligence chips in 2024, expected to be one of its most “prolific product launch in years”, as well as open new chip-making facilities called foundries, Mizuho analysts, led by automotive and semiconductor specialist Vijay Rakesh, said in an investor note on Wednesday.