Markets
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J. Edward Moreno

Intel rebounds as executives tout AI progress, new deals

Intel rose Wednesday morning, recovering some of its losses from earlier this week after Nvidia announced that it would enter the laptop market with its new PC “superchip.”

Speaking at the Computex ​expo in Taipei on ‌Tuesday, Intel executives gave bullish updates on the company’s business, including:

  • Intel’s 18A process is now “at full scale” with “hundreds of design wins” and has been ramped to “high volume with multiple products,” according to Alex Katouzian, head of the company’s physical AI group.

  • It also noted new deals for custom silicon, including a deployed Google Infrastructure Processing Unit and infrastructure silicon for Ericsson.

  • Intel is making “tremendous progress” building its foundry business, according to CEO Lip-Bu Tan.

  • A new partnership with Foxconn will “develop rack scale products built upon Intel Xeon processors.”

Intel has risen about 3.4% as of 11 a.m. ET Monday, leaving it only slightly red for the week. The stock has nearly tripled in value since the start of the year.

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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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