Intel's stock jumps 10% to highest since early 2022 ahead of earnings

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Wall Street is piling into Intel

ahead of the chipmaker’s quarterly earnings report scheduled for after the close on Thursday.

The stock jumped about 10% on Wednesday to its highest since January 2022, continuing a rally that lifted it 84% last year, and bringing its gains over the past 12 months to 145%.

Much of the optimism is tied to strong sales of Intel’s latest server chips, which analysts say are benefitting from rising spending on artificial intelligence infrastructure. KeyBanc analysts upgraded the stock to the equivalent of a buy earlier this month, suggesting that Intel is likely sold out of server CPUs for this year, meaning prices could be on the rise.