Santa Clara, CA – April 22, 2026 – Intel Corporation (NASDAQ: INTC) has seen its stock price climb by 78% year-to-date, positioning the company under heightened scrutiny as it prepares to release its first-quarter 2026 financial results after market close on Thursday, April 23. The substantial increase in share value reflects growing market optimism surrounding Intel's strategic initiatives, particularly in its foundry services and the robust demand for server central processing units (CPUs).
Analysts are projecting Intel to report first-quarter revenue around $12.38 billion to $12.42 billion, with earnings per share (EPS) estimated at approximately $0.01 to $0.02. This comes after Intel's guidance in January for Q1 2026 revenue between $11.7 billion and $12.7 billion, and a non-GAAP EPS of $0.00. The company's previous quarter, Q4 2025, saw revenue of $13.67 billion and a non-GAAP EPS of $0.15, exceeding analyst estimates despite a 4.2% year-over-year revenue decline.
A significant driver of the recent stock performance is the perceived progress in Intel's foundry business, specifically with its advanced 18A and upcoming 14A process nodes. The 18A process node is reportedly in high-volume manufacturing, with yields steadily improving. The 14A node, designed with external customers in mind, is currently being evaluated by prospective clients, with early feedback indicating strong potential. Intel has also ramped its chipmaking equipment orders by over 50% year-over-year in early 2026, signaling a significant capacity buildout.
Demand for server CPUs is another key factor contributing to the positive sentiment. HSBC upgraded Intel's rating to Buy on April 21, citing strong server CPU demand as a major growth driver, expecting a 20% year-over-year increase in server CPU shipments for 2026. Price increases for server CPUs have been observed, with some rising 10% to 20% since March, and further increases of 8% to 10% are anticipated in the second half of the year. This is partly attributed to a surge in AI computing demand and concentrated advanced-node capacity.
Despite the positive momentum, some analysts express caution regarding Intel's valuation. Wedbush analyst Matt Bryson indicated that the stock "has gotten ahead of reality." Concerns include the unproven nature of the 18A and 14A process nodes and potential limitations on server-CPU pricing power compared to memory chips. Stifel noted that while server CPU demand is exceeding expectations, gross margins are likely to remain in the low-to-mid 30s% in the near term, and foundry losses continue to be a headwind. Intel's foundry division reported a $2.51 billion operating loss in Q4 2025. The company has also faced supply constraints, which management indicated would be at their lowest in Q1 before improving.