Intel rises on recovery hopes as it forecasts revenue above estimates

(Reuters) -Intel expressed optimism on Thursday about the future of its PC and server businesses, forecasting current-quarter revenue above estimates but warning that it had “a lot of work to do.”

The chipmaker’s shares jumped more than 7% in extended trading, paring back bigger gains shortly after it had published its results.

The company has largely missed out on a boom in investments in speedy, advanced AI chips for data centers as businesses double down on adopting generative AI technology – a market dominated by Nvidia, followed by rival AMD.