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Intel Corporation (INTC) has returned to being one of the most watched semiconductor stocks by Wall Street once again as HSBC raised its price target by 100% to $200, the highest target on the street. The broker kept its "Buy" recommendation, citing expectations of the positive development of the server CPU segment and the foundry business that is not yet priced in. INTC stock has gained more than 470% since reaching its 52-week low.
HSBC is making a bullish call amid the accelerating spending in the infrastructure of artificial intelligence (AI). While Nvidia Corporation (NVDA) has been dominating in AI graphics processing units, spending on CPUs, advanced packaging, and semiconductor manufacturing capacity becomes an increasingly crucial part of the AI supply chain. In this respect, HSBC believes that Intel can benefit from all three trends.
