Intel hikes Q4 revenue forecast; stock rises over 8% on turnaround optimism, AI frenzy

(Bloomberg) — Intel Corp. shares surged after the chipmaker gave a revenue forecast slightly above estimates, sparking optimism that it’s capable of reclaiming some lost market share.

Fourth-quarter revenue will be $13.3 billion to $14.3 billion, the Santa Clara, California-based company said in a statement on Thursday. That compares with the $13.6 billion analysts estimated on average. The firm is projecting a profit of 12 cents per share compared with the 6 cents Wall Street was expecting.