Intel NASDAQ:INTC shares climbed about 3% on Monday as investors returned to semiconductor stocks ahead of the chipmaker's second-quarter earnings report later this week, while an expanded artificial intelligence partnership with Google Cloud also supported sentiment.
Intel is scheduled to report quarterly results on July 23. Wall Street expects earnings of $0.19 per share on revenue of $14.4 billion, compared with a loss of $0.10 per share and revenue of $12.86 billion in the year-earlier quarter.
Separately, Intel said it expanded its multi-year collaboration with Alphabet's Google Cloud (GOOGL) to accelerate AI adoption across its business. The company plans to deploy Gemini Enterprise across engineering, supply chain and corporate operations while using Google Cloud infrastructure to power AI agents, automate workflows and support chip development. The partnership also includes AI tools for software development, marketing and communications.
Intel outperformed the broader technology sector, which rose less than 1% on Monday. Recent analyst sentiment has also improved, with Susquehanna, KeyBanc and UBS raising their price targets this month while maintaining their respective ratings. Despite Monday's advance, Intel shares remain below their 20-day and 50-day moving averages, although they continue to trade above their 100-day and 200-day averages, indicating the longer-term trend remains positive.