Intel Stock Is One Day Shy of Longest Rally in 18 Years

Intel logo on blue background.
(Image credit: Intel)

Intel's stock may be on track for its longest rally in 18 years, assuming it closes the day up. Bloomberg points out that the stock has ended up positive for the last nine days, and a tenth day would mark the longest rally since a 13-day positive streak back in May 2005.

The stock opened over 1.1% in today's trading, which would be its tenth session. A nine-day rally would tie previous streaks. Intel is down less than 1% as of this writing, so whether it will hit the mark is anyone's guess.

According to Bloomberg, Intel's shares have gone up "almost 19%" during the last ten days and are up 47% year to date. The financial publication suggests that, in part, the rally is due to comments from Intel CEO Pat Gelsinger at a Deutsche Bank conference that the company is likely to hit third-quarter projections.

Bloomberg's other hypothesis is that Intel 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."

This may be partially true - Intel is the biggest domestic semiconductor fabricator in the U.S. But it's also massively exposed to China, and geopolitical tensions between the United States and China is a risk factor Intel cites in its latest 10-Q quarterly report filing (PDF). In its most recent annual report (PDF), Intel claimed that China accounted for 27% of its total revenue in 2022. Some of that may be direct sales, while some may consist of chips going to companies in China that then ship out finished products.

Under Gelsinger, Intel has been attempting to build a third-party foundry business, Intel Foundry Services. IFS' most recent business partner is Tower Semiconductor; IFS will produce 65nm chips for Tower, which Intel attempted to acquire but could not after Chinese regulators scuttled the deal with delays.

Bloomberg points out that even though the stock has been up for a few days in a row, Wall Street analysts haven't been sending much love to the stock, with "Just over 20% of analysts" providing a bullish rating.

Andrew E. Freedman is a senior editor at Tom's Hardware focusing on laptops, desktops and gaming. He also keeps up with the latest news. A lover of all things gaming and tech, his previous work has shown up in Tom's Guide, Laptop Mag, Kotaku, PCMag and Complex, among others. Follow him on Threads @FreedmanAE and Mastodon @FreedmanAE.mastodon.social.

  • thisisaname
    Talk of 10 days of gain on day 9 not great but to make matter worse this is still 3days short of the 13days record not 1.
    Reply
  • nitrium
    Intel stock down 17c. Too bad.
    Reply
  • Co BIY
    I'm really surprised at these low numbers.

    One of the worlds best companies in the hottest sector and the record is 13 days of gains over 18 years ?

    I figured even the "meh" companies would have better streaks in up markets. I guess I'm not ready to day trade yet.
    Reply
  • bit_user
    Co BIY said:
    I'm really surprised at these low numbers.

    One of the worlds best companies in the hottest sector and the record is 13 days of gains over 18 years ?

    I figured even the "meh" companies would have better streaks in up markets. I guess I'm not ready to day trade yet.
    I'm no expert, but I wonder if some of that might be an effect of being in indexes like S&P 500. Getting included in them can be a mixed blessing. It's great for a one-time bump when a company is added, but afterwards it probably increases the volatility of their stock price, as they're traded more as a block and less on their individual merits.

    You also see people doing a lot of sector-wide trading, where Intel gets included both in "chip stocks" and "tech stocks", writ large.
    Reply