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AI predicts Intel stock price for end of 2024

AI predicts Intel stock price for end of 2024
Elmaz Sabovic

The year 2023 marked a resurgence for Intel (NASDAQ: INTC), as reflected in both its stock performance, witnessing a 60% increase, and real-world achievements. The company’s latest quarterly results affirm the sustained recovery in the PC market, indicating its alignment with the outlined targets in its roadmap.

Furthermore, the company is strategically positioning itself to benefit from the widespread adoption of AI in personal computers through its enhanced server chips. In the long term, Intel’s stock is poised to experience an uplift in both revenue and profitability by engaging in chip manufacturing for other companies.

With a slow start to this year, Finbold utilized AI predictions from CoinCodex to see where this stock might be positioned by the end of 2024.

INTC stock price prediction by the end of 2024. Source: CoinCodex
INTC stock price prediction by the end of 2024. Source: CoinCodex

The AI algorithms forecast a noteworthy surge in its stock value, projecting shares to reach $83.81 by year-end. This would signify a substantial 73.80% increase from its current price of $48.22 at the time of this writing.

AI wave could be a game changer for Intel

Last year, Intel CEO Pat Gelsinger disclosed that the demand for the company’s Gaudi chips, essential for AI applications, had doubled within 90 days. Notably, Intel reportedly faces challenges in rapidly producing the Gaudi chips to meet the escalating demand.

Simultaneously, Intel has introduced cutting-edge AI chips designed for laptops and desktops. These semiconductor innovations empower personal computers to deliver AI capabilities directly to consumers, eliminating the need to rely on data centers for all AI processing power.

Considering that Taiwan Semiconductor (NYSE: TSM) is presently the sole other major company engaged in chip manufacturing for external entities, Intel’s semiconductor fabrication business has the potential to become exceptionally substantial.

Intel stock price analysis

At the time of writing, INTC stock was trading at $48.22 after an increase of 0.15% in the last 24 hours and a 2.51% gain in the previous five trading sessions.

INTC 24-hour stock price chart. Source: Finbold
INTC 24-hour stock price chart. Source: Finbold

As for the technical indicators, they agree with the overall rating being ‘strong buy’ at 16 and agreement with moving averages at ‘strong buy’ at 14. Oscillators have a ‘neutral’ rating of 8.

Technical analysis of INTC stock. Source: TradingView
Technical analysis of INTC stock. Source: TradingView

Intel is presented with an opportunity that can propel its stock and deliver a strong performance due to the increasing demand for semiconductors in the AI industry. Whether it will seize it or not, time will tell.

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