Intel's AI Chip Story 'Feels Mostly MIA,' Says Analyst -- Barrons.com

Dow Jones07-27

Tae Kim

Intel's business in the booming artificial-intelligence chip market is lackluster, says one observer.

On Friday, Bernstein analyst Stacy Rasgon reiterated his Market Perform rating for Intel stock, and reaffirmed his $35 price target for the company. In April, Intel said it expected to generate over $500 million in AI-accelerator revenue in second half of 2024.

"The AI story still feels mostly MIA ($500 million in the second half is more than zero, but not much more)," Rasgon wrote. In comparison, Nvidia reported $22.6 billion in data center AI revenue in its latest reported quarter.

In early trading Friday, Intel shares were up 0.2% to $31.17.

Rasgon lowered his Intel revenue estimate to $12.74 billion for the second quarter from $13 billion. He also reduced his revenue forecast for the third quarter to $14.4 billion from $14.7 billion.

"We suspect the shares will remain range-bound for now; overall we see little to be excited about at this point," the analyst said.

Intel stock is down 9% over the past 12 months, versus the 34% rise for the iShares Semiconductor exchange-traded fund.

The company is scheduled to report its second quarter earnings results on Thursday, Aug. 1.

Write to Tae Kim at tae.kim@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 26, 2024 12:51 ET (16:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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In April, Intel said it expected to generate over $500 million in AI-accelerator revenue in second half of 2024. \n</p>\n<p>\n     \"The AI story still feels mostly MIA ($500 million in the second half is more than zero, but not much more),\" Rasgon wrote. In comparison, Nvidia reported $22.6 billion in data center AI revenue in its latest reported quarter. \n</p>\n<p>\n     In early trading Friday, Intel shares were up 0.2% to $31.17. \n</p>\n<p>\n     Rasgon lowered his Intel revenue estimate to $12.74 billion for the second quarter from $13 billion. 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In April, Intel said it expected to generate over $500 million in AI-accelerator revenue in second half of 2024. \n\n\n     \"The AI story still feels mostly MIA ($500 million in the second half is more than zero, but not much more),\" Rasgon wrote. In comparison, Nvidia reported $22.6 billion in data center AI revenue in its latest reported quarter. \n\n\n     In early trading Friday, Intel shares were up 0.2% to $31.17. \n\n\n     Rasgon lowered his Intel revenue estimate to $12.74 billion for the second quarter from $13 billion. He also reduced his revenue forecast for the third quarter to $14.4 billion from $14.7 billion. \n\n\n     \"We suspect the shares will remain range-bound for now; overall we see little to be excited about at this point,\" the analyst said. \n\n\n     Intel stock is down 9% over the past 12 months, versus the 34% rise for the iShares Semiconductor exchange-traded fund. \n\n\n     The company is scheduled to report its second quarter earnings results on Thursday, Aug. 1. \n\n\n     Write to Tae Kim at tae.kim@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 26, 2024 12:51 ET (16:51 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2454785313"}