Intel deep dive, April 25, 2026: INTC surges 25% to $82.58, breaching all-time high on 1,350% EPS beat

NEW YORK, April 25, 2026 — Intel Corporation (NASDAQ: INTC) staged one of the most dramatic single-session reversals in the semiconductor sector’s recent history on Thursday, April 24, surging as much as 25% intraday to an all-time high of $86.44 — eclipsing even its dot-com-era record — after first-quarter 2026 results demolished Wall Street’s consensus on both earnings and revenue. The stock settled at $82.58 by Thursday’s close, leaving it up roughly 335% from its 52-week low of $18.97. The report triggered an immediate wave of analyst upgrades, pulled the broader semiconductor index to a ten-percent weekly gain, and cemented Intel’s turnaround narrative as the defining market story of the week. As noted in PreMarket Daily’s market close coverage for April 24, the move also pushed the S&P 500 to a fresh record close of 7,165.

The business and market position

Intel remains the world’s largest designer and manufacturer of x86 central processing units, supplying the processors that power the majority of the global personal computer and enterprise server markets. Under chief executive Lip-Bu Tan, who took the helm in early 2025 following the departure of Pat Gelsinger, the company has pressed forward with an aggressive restructuring that centres on three pillars: reviving its core client computing franchise, scaling its Intel Foundry Services (IFS) contract manufacturing division, and accelerating its Data Center and AI (DCAI) product portfolio to compete more directly with Advanced Micro Devices and Nvidia in the AI infrastructure buildout.

The foundry pivot is perhaps the most strategically significant dimension of the story. Intel is the only U.S.-headquartered company operating leading-edge semiconductor fabrication at scale, a positioning that has attracted federal attention under the CHIPS and Science Act and drawn partnership interest from major hyperscalers. Q1 2026 results showed foundry revenue climbing 16% year-over-year, offering early, tangible evidence that IFS is gaining external customer traction. The DCAI segment has simultaneously benefited from surging enterprise demand for Intel’s Xeon processors as cloud providers expand AI training and inference capacity, with Intel also disclosing a partnership with Tesla (TSLA) among its key data centre collaborations. As detailed in PreMarket Daily’s opening bell report, the market’s initial reaction was swift and decisive.

Data Visual

Intel Revenue Growth by Segment Q1 2026

Shows year-over-year revenue growth rates across Intel’s key business segments in Q1 2026, highlighting where momentum is strongest.

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The numbers

Intel reported Q1 2026 revenue of $13.577 billion, up 7% year-over-year and beating the Wall Street consensus of $12.634 billion by approximately $943 million, according to CNBC’s earnings summary. Non-GAAP earnings per share came in at $0.29, against a consensus estimate of just $0.01 — a beat of roughly 1,350%. On a GAAP basis, the company reported a loss of $(0.73) per share, reflecting ongoing restructuring charges embedded in the turnaround plan.

The Data Center and AI segment was the clear growth engine, posting revenue of $5.1 billion, up 22% year-over-year and 7% sequentially. Foundry revenue advanced 16% year-over-year. For the second quarter of 2026, management guided revenue of $13.8 billion to $14.8 billion — a midpoint of $14.3 billion that stands materially above the pre-print analyst consensus of $13.07 billion. Non-GAAP EPS guidance for Q2 was set at $0.20, also above the $0.09 consensus.

Looking further out, analysts have sharply revised their forward estimates following the print. One team cited in research notes raised its 2026, 2027, and 2028 pro forma EPS estimates by 66%, 39%, and 50% to $1.04, $1.58, and $2.25, respectively. Full-year 2026 revenue consensus has moved to approximately $55.28 billion, up from $52.85 billion prior to the earnings release — a 4.6% uplift — while 2027 revenue consensus now sits at $59.55 billion.

On valuation, the picture is complex. Intel’s trailing price-to-earnings ratio stands at an elevated 904x, a function of near-zero trailing GAAP profitability during the restructuring period, while the forward P/E based on non-GAAP estimates compresses to approximately 125x on current-year consensus. The enterprise value-to-EBITDA multiple sits at 23.47x, and the price-to-sales ratio on a trailing twelve-month basis is 5.59x. With a market capitalisation that has expanded to approximately $417.79 billion at peak intraday levels, Intel now commands a valuation that prices in a substantial portion of the turnaround’s potential upside, leaving execution risk as the central variable.

What analysts say

Heading into Thursday’s earnings, the Wall Street consensus on Intel was a Hold, with 9 Buy ratings, 33 Holds, and 6 Sells among 57 analysts surveyed, and a median price target of just $48.00 — a level the stock had already blown through by the time pre-market trading opened on April 24. The blowout print catalysed an immediate reassessment, with multiple brokerages issuing upgrades and dramatically higher price targets within hours of the release.

Data Visual

INTC Analyst Price Targets This Week

Tracks the price target changes from analysts who issued new ratings on Intel this week, illustrating the scale of the upward revisions.

Values in $

Evercore ISI made the most bullish call of the week, upgrading Intel to Outperform from In Line and setting a new price target of $111, up from a prior target of $45 — an increase of $66 in a single revision, according to Yahoo Finance analyst coverage. Citi upgraded the stock to Buy from Neutral, lifting its target from $48 to $95. HSBC moved from Hold to Buy and nearly doubled its price target from $50 to $95. Roth Capital upgraded to Buy from Neutral with a target of $100, up from $50. Not every analyst moved in the same direction: BNP Paribas downgraded Intel from Buy to Neutral on April 23 — the day before the report — in a call that quickly became one of the week’s most scrutinised timing missteps. The 34-analyst average price target currently sits at $76.00, still approximately 8% below Thursday’s closing price of $82.58, suggesting that consensus has not yet fully caught up with the move.

The broader semiconductor complex responded in sympathy. Advanced Micro Devices (AMD) rose 12%, while Arm Holdings (ARM), Marvell Technology (MRVL), Super Micro Computer (SMCI), ASML (ASML), and Taiwan Semiconductor Manufacturing (TSM) each gained 3.5% or more. The Philadelphia Semiconductor Index entered the weekend on an 18-session winning streak, up more than 10% for the week and approximately 50% year-to-date — a move that underscores how completely sentiment toward the sector has shifted. The macro backdrop also matters: as outlined in PreMarket Daily’s week-ahead preview, the coming days bring an FOMC decision and a fresh round of Big Tech earnings that will test whether the semiconductor rally has broader earnings support.

Key levels and what changes the thesis

Intel enters the weekend trading at $82.58, above its 200-day simple moving average and near the top of its 52-week range. The intraday all-time high of $86.44 now represents the nearest overhead resistance level, while the prior 52-week high of $70.33 — itself a level the stock had not seen until this week — has effectively flipped to support on any near-term pullback. Bulls will be watching whether the stock can consolidate above $80 and ultimately challenge the Street-high $111 target; bears will argue that a forward P/E of 125x requires near-flawless execution of a turnaround that is still in early innings, and that one strong quarter does not eliminate the structural competitive pressures Intel faces from AMD, Nvidia, and Arm-based architectures in both client and data centre markets.

Upcoming catalysts include Intel’s Q2 2026 earnings report, which will provide the first test of whether the $13.8 billion to $14.8 billion revenue guidance range is achievable, and any updates on IFS contract wins or progress on next-generation process node yields. Macro variables — including Federal Reserve rate decisions and tariff policy developments that have weighed intermittently on technology valuations — remain relevant inputs. The geopolitical uncertainty that pressured markets earlier in the week has not disappeared, and any resumption of risk-off sentiment could disproportionately affect high-multiple technology names. For now, the weight of the evidence — a historic earnings beat, surging AI-driven segment growth, a foundry business showing early traction, and a series of meaningful analyst upgrades — has shifted the narrative decisively in Intel’s favour.

Levels and events to watch