- Intel CEO Lip-Bu Tan announced the company will build rival data center GPUs, hiring former Qualcomm executive Eric Demmers as chief architect.
- The news contributed to INTC stock rising over 12% in the last five days, adding to its strong recent outperformance.
- While Trader Union projects a price target of $63 by March 2026, other firms like Loop Capital are more cautious with a $25 target.
Intel CEO Lip-Bu Tan revealed on Tuesday that the semiconductor giant is preparing to challenge NVIDIA by developing its own graphics processing units specifically for data centers. Tan made the announcement at the Cisco AI Summit, expressing his delight at hiring chief GPU architect Eric Demmers after reportedly needing to do “some persuading.”
Consequently, Intel shares climbed fractionally on the day. However, the stock has seen a more significant surge of over 12% in the five-day period leading up to the news.
Eric Demmers, a former Qualcomm executive, will report directly to Intel’s data center chip chief Kevork Kechichian. Tan emphasized to Reuters that “It’s tied in with the data center,” where Nvidia has built its massive modern business.
Meanwhile, Intel has been one of the market’s top-performing tech stocks over the past year. It has outperformed rivals like Nvidia, Microsoft, and AMD both in that span and so far in 2026.
Consequently, several firms have issued bullish forecasts for INTC stock. The latest Price Prediction from Trader Union estimates Intel could reach a high of $63 in March 2026.
However, other Wall Street firms remain far more cautious. Analysts from Rosenblatt and JP Morgan have maintained their existing ratings, for instance, while Loop Capital initiated coverage with only a Hold rating and a $25 price target.
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