Intel Pole Vaults Above Nvidia in Short Volume Ranking, AMD's, SMCI's Rise

$Intel(INTC)$  's continued rally to a two-year high gained more attention from short sellers, sending their combined their trading volume way above those who were betting against the biggest player in AI chips, $NVIDIA(NVDA)$  .

Trading in borrowed Intel shares that were sold short climbed 6.8 million shares to 18.69 million Tuesday, surpassing Nvidia's short volume of 13.01 million shares. The latest figure represented 11.1% of the total number of shares that changed hands that day. That landed Intel at the top ranking for the biggest short volume among stocks with a market capital of more than $5 billion. 

Intel shares climbed more than 7% Tuesday after KeyBanc Capital analyst John Vinh reportedly upgraded his rating on the stock to overweight, from sector weight, noting that the company and its rival $Advanced Micro Devices(AMD)$   have mostly sold out their server central processing units (CPUs) in 2026. 

The company's progress toward the adoption of its 18A manufacturing technology was enough to convince KeyBanc analysts that the company could credibly rank second among the foundry suppliers in the industry, ahead of Samsung, Bloomberg quoted Vinh as saying.

$NVIDIA(NVDA)$  's short volume declined to 13.01 million shares, from 14.28 million shares, as the stock price edged higher for a second Tuesday. On Wednesday, gave back all those gains and some amid the uncertainty surrounding its shipments to China. 

Customs agents in the Asian country have been told by the local authorities that Nvidia's H200 artificial intelligence chips are not permitted to enter China, Reuters reported, citing three people briefed on the matter. That raises doubt whether the chips could be shipped to Nvidia's Chinese customers even after the Trump administration gave the go-ahead for those exports. 

In fiscal year 2023, China sales accounted for more than 21% of Nvidia's revenue, before the U.S. government restricted shipments. 

$Advanced Micro Devices (AMD.US)$'s short volume more than doubled to 5.85 million shares Tuesday, as the stock jumped 6.4%, wiping off losses posted in the first trading days of 2026. The stock's 77% rally in 2025 has weakened the case for betting against $NVIDIA (NVDA.US)$ rival in AI chips. 

By the end of December, the short interest, or the tally of shares that were sold short and haven't been bought back by their borrowers, stood at 36.87 million shares, down from 48.82 million shares six months earlier. 

Tuesday's rally came after the stock was also upgraded by KeyBanc's Vinh to overweight, as he predicts the company's AI revenues could reach $14 billion to $15 billion this year, boosted by demand for its MI355 and MI455 chips. 

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