Intel Earnings Preview: Can AI Chips and Manufacturing Gains Sustain the Rally?

Summary

• Intel heads into fourth-quarter earnings with shares already sharply higher, reflecting growing confidence in its turnaround.

• The launch of Panther Lake AI PC chips highlights progress in performance, efficiency, and manufacturing execution.

• Investor focus will centre on guidance, AI data centre demand, and signs that momentum can continue into 2026.

Intel reports fourth-quarter earnings on Thursday 22 January, with expectations already elevated after a strong start to the year. Shares are up nearly 31% year-to-date as investors warm to signs of a genuine turnaround.

Much of the optimism has been driven by Intel’s push into AI-enabled PCs. The launch of its Core Ultra Series 3 “Panther Lake” chips at CES signalled a more competitive product roadmap.

Intel says Panther Lake will power more than 200 PC designs from global partners. That scale makes it the company’s most widely adopted AI PC platform to date.

The chips also mark an important manufacturing milestone. Panther Lake is the first Intel processor built on its new 18A process, a critical test of its in-house manufacturing revival.

Battery life expectations of up to 27 hours underline how far efficiency has improved. This represents a meaningful step up from previous Intel generations and strengthens its position against rivals.

Sentiment improved further after KeyBanc upgraded Intel to “overweight”. The firm cited progress in manufacturing execution and rising demand from AI data centres.

Financial performance has also helped rebuild credibility. Third-quarter results beat expectations, with revenue of $13.7bn and adjusted EPS of $0.23, far ahead of forecasts.

For the fourth quarter, Intel has guided revenue of $12.8bn to $13.8bn with adjusted EPS of $0.08. The market will be watching closely to see whether margins and forward guidance support the stock’s recent rally.