Intel Corp. rose on Friday, with the chipmaker on track for its longest streak of daily gains in more than 18 years.
The stock rose as much as 1.1%, its 10th straight positive session. Should the shares end the session in positive territory, that would mark its longest rally since a 13-day streak that ended in May 2005, according to data compiled by Bloomberg.
Shares have risen almost 19% over the stretch, bringing its year-to-date advance to 47%, above the 42% rise of the Philadelphia Stock Exchange Semiconductor Index. Intel touched its highest since July 2022. The stock’s rally in part reflects recent comments from Chief Executive Officer Pat Gelsinger, who said the chipmaker is on course to hit its third-quarter forecasts. However, it is also benefiting amid renewed economic tension with China, which plans to expand a ban on the use of iPhones in some government agencies, pressuring shares of Apple Inc.
As China targets US companies, “owning the biggest US semi fab could be increasingly valuable,” wrote Jordan Klein, a tech-sector specialist at Mizuho Securities. He added that Intel is the “perceived ‘domestic semi winner’ if US-China trade war intensifies.”Klein sees Intel’s breakout as sustainable, writing, “my question is how long can long-only managers continue to underweight or avoid INTC?”
Despite the rally, the stock remains out of favor on Wall Street. Just over 20% of analysts have a bullish rating on the stock, and its consensus rating — a proxy for its ratio of buy, hold and sell ratings — stands at 3.13 out of five, the lowest among components of the semiconductor index.
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