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We know that chip maker Intel (NASDAQ:INTC) has been having quite a bit of trouble lately as more competitors emerge to take its market share. But it’s making up for some of those losses by working on new markets, and investors were at least somewhat happy about what they’re hearing. In fact, Intel is up fractionally in Friday afternoon’s trading thanks to a new push to bring artificial intelligence (AI) out of the data center and into other fields.
Intel, not at all surprisingly, is looking to make AI a much more commonplace item. We know that Intel already has its eye on bringing AI to edge computing, adding it to the sensors that gather data and the processing systems that process that data near their source. But edge computing is just a start for Intel’s AI ambitions. Intel is also working on getting AI into the PC market, which isn’t a surprise either, given its long-standing dominance in the PC sector.
But what may be less known is that Intel is out to add AI capabilities to software and keep more AI functions on-site instead of in cloud-based systems. Basically, Intel wants AI everywhere, and is hoping that will mean more revenue for it as opposed to its growing slate of competitors.
Construction in Ohio Carries On
That’s an ambitious plan, but another ambitious plan—that’s also likely a lot closer to fruition—is coming into view in Ohio, where Intel’s new campus is under construction. Intel, via communications and local media manager Elly Akopyan, noted that the two new fabrication plants in New Albany are on schedule and closing in on completion. Given that the standard time frame for a fabrication plant is three to five years, Akopyan noted, we should be approaching the end as construction was started in 2022.
Is Intel a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on three Buys, 26 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After a 1.6% loss in its share price over the past year, the average INTC price target of $37.87 per share implies 25.15% upside potential.
