“Intel is where good reputations go to die,” veteran Silicon Valley investor Michael Marks once said. Founded in the 1960s in Santa Clara, Calif., it was the classic tech manufacturing story of rags to riches and then drift—its technology business challenged by Nvidia, AMD, and Arm. AI appeared to be yet another insurmountable hurdle for a company built for an era when personal computers still seemed pretty neat.
On Friday, Intel’s shares hit a record high after announcing revenue forecasts described as “blockbuster”. New customers for its AI chips, including Tesla, and June quarter revenue estimates of $14.8 billion saw its share price jump 24%. The stock is now up 120% this year.
