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Intel's shares increased by close to 15% in after-hours trading following its earnings report.
Intel reported a strong double-digit beat and raise, which was in line with Bloomberg Intelligence's expectations.
Intel's gross margin beat was a standout positive, driven by higher factory utilization due to increased demand.
Intel reports that its progress on the 18A and 14A process nodes is ahead of expectations.
Intel believes PC makers will run out of their memory chip inventories in the second half of the year, forcing them to buy at higher spot prices and causing the PC market to decline.
Elon Musk announced on an earnings call that his company will use Intel's 14A manufacturing process.
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Demand for server CPUs is resurgent, driven by agentic AI and inference workloads for CPUs that are paired with GPUs in AI head nodes.
Intel's PC (client) segment also delivered a surprisingly strong beat in its latest results.
Intel plans to increase its capital expenditures on new machinery.