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News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

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GBP/USD retreats after hitting 1-month high

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US dollar recovers from last week’s losses

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Should you own Meta Platforms or Alphabet?

Asset Watch

Is Intel an undervalued AI stock?

Tuesday, April 2, 2024

A semiconductor soiree broke out in Q1 2024, as chipmaker heavyweights like NVIDIA and AMD soared to record highs. And with Intel potentially playing catch-up in the months ahead, Lynx Equity cited two catalysts that could push the stock 20% to 30% higher.
The first is the company’s investor webinar on Apr. 2. The event could result in a “rationalization of business groups” and shed light on the CHIPS Act proceeds, which may uplift Intel’s free cash flow.
The second is the launch of Sierra Forest. The new E-core processor “has not garnered much enthusiasm among investors,” but there is an AI angle that could bear fruit, and shipments may begin “in early 2Q.”
Similarly, Bank of America said that Intel’s management noted the company’s enterprise AI opportunities at an investor dinner last week.

Add it all up, and Intel could generate plenty of buzz if management strikes the right tone on Apr. 2.

 

As for the technicals, the horizontal white line highlights how the stock is trading near long-term resistance. Before the 2022 collapse, the $44 area was a support anchor for over four years.

 

Consequently, watch for sustained strength above this level to know when the next bull run could unfold. Likewise, Intel’s 20-week moving average (the blue line) has acted as resistance over the last three weeks. But, a breakout this week could shift the balance of power in the bulls’ favor.

 

So, does Intel have the processing power to become an AI favorite, or will management fail to reboot the narrative on Apr. 2


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