- Intel shares jumped on current quarter guidance.
- Chief Financial Officer David Zinsner said sales would be at the upper end of the company's previous outlook.
- The chipmaker said it expects to benefit from booming demand for artificial intelligence products.
Intel (INTC) was the action the Dow Jones' top performer after the chipmaker said current-quarter revenue was on track to top its guidance.
Chief Financial Officer David Zinsner told a TD conference in Cowen that Intel's sales would hit $12 billion to $12.5 billion for the three months ending July. Previously, Intel forecast revenue of $11.5 billion to $12.5 billion.
Zinsner added that ;Intel is set to capitalize on the growing demand for artificial intelligence (AI), saying its foundry services could produce wafers for customers who manufacture AI products.
CEO Pat Gelsinger explained during the La company's Q1 earnings presentation says while AI development is now centered around large language models in the cloud, “AI deployment will rapidly migrate to inference as the dominant AI workload, and adoption will rapidly spread to the edge and the client, all areas that play to our strength.”
Intel shares had fallen to a nine-year low in February, but rebounded and are up around 20% this year.