Intel Corporation (NASDAQ: INTC) stock rose modestly on Thursday after Global Equities issued a bullish price forecast.
This week shows positive developments for Intel (INTC), as the semiconductor giant secured significant funding from the Biden administration to bolster domestic chip production. The U.S. government announced a preliminary agreement with Intel, earmarking $8.5 billion in grants and up to $11 billion in loans for plant expansions and upgrades across Intel’s manufacturing sites in Arizona, Ohio, Oregon, and New Mexico.
The news prompted Global Equities Research to revise its 12-month price target for Intel, raising it from $65 to $100. The research firm even suggested that this revised target might be conservative.
Global Equities Research said that Intel is the only company capable of developing the next generation of AI processors using its 18A, 14A, and 10A process technologies. The research house underscored that these technologies are indispensable for the AI industry’s advancement, indicating significant growth potential for Intel.
Intel (NASDAQ: INTC) Stock Performance
INTC stock gained 0.52% to close at $42.42 on Thursday. The traders had exchanged hands with 50,679,762 (50.67 million) shares compared to the average daily trading volume of 44.67 million.
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