Despite the macro challenges in the past two years, tech companies experienced a remarkable surge in demand, with chipmakers playing a pivotal role in this resurgence. While Nvidia (NASDAQ: NVDA) took much of the spotlight, chip giant Intel (NASDAQ: INTC) also garnered significant attention.
Culminating in an impressive feat, INTC surged to a new 52-week high on December 27 and is on track to cap off its best year since 2003.
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Best stock performance in 20 years
At press time, shares of Intel were standing at $50.76, 0.5% on the day. During the Wednesday session, INTC touched $51.28, the highest in 52 weeks. More precisely, this was Intel’s highest share price since March 2022.
As a result of its important role in the AI frenzy and the broader market recovery, Intel’s stock is up almost 90% year-to-date. This marks the best annual performance for the chip stock since 2003 when it closed the year with a 106% gain, according to Macrotrends data.
INTC’s stock rally picked up pace this month, driven in part by the Federal Reserve’s confirmation of upcoming rate cuts in 2023.
Hopes of a dovish pivot brought a fresh wave of optimism into the markets, pushing the S&P 500 to as high as 4,781, a hairbreadth of its all-time high.
Meanwhile, Intel also announced new computer chips in December. The product that garnered the most attention was Gaudi3, an AI chip designed specifically for powering generative AI softwares.
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