Intel's Foundry Revenue Quadruples Amid Surging Demand for AI Chips, Shares Soar

Intel shares surged over 9% after the company's third-quarter earnings beat estimates, driven by gains in its foundry business and increasing demand for artificial intelligence (AI) chips. Intel's foundry business, which manufactures chips for corporate and government clients, saw a 299% increase in revenue compared to the same period last year. The company's CEO, Patrick P. Gelsinger, highlighted the advantage of Intel's advanced packaging business in the context of AI. Intel added major new clients and expects further growth in its foundry business, which could be a significant source of revenue. The company also reported signs of recovery in the PC market and cost reductions. Bank of America analysts anticipate continued growth for Intel.