Intel (INTC.US) Defies Market Trend, Surges Over 6% Following Hiring of Former Qualcomm GPU Lead

Stock News01-20 23:57

On Tuesday, Intel (INTC.US) defied the broader market trend, climbing over 6%, bringing its cumulative gains for January to 35%.

The catalyst for the move was the news on January 20th that Eric Demers, the former head of GPU at Qualcomm, has joined Intel as a Senior Vice President.

His appointment is expected to accelerate Intel's research and development in AI and data center GPUs, strengthening its competitiveness in the AI accelerator market.

Analyst Frank Lee of HSBC upgraded Intel's rating from Reduce to Hold and raised his price target from $24 to $50, reflecting increased recognition of the company's improving business prospects.

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