Intel Corp (NASDAQ:INTC) stock gained by almost 2% during Monday’s premarket session as risk appetite firms up across equities. Nasdaq futures are up 1.28% while S&P 500 futures have gained 0.79%.Intel Joins The AI BuildoutBank of America Securities analyst Vivek Arya told CNBC on Friday that Intel’s second-quarter results showed the company is gaining traction in AI infrastructure, driven by nearly 59% year-over-year growth in its core server CPU business. He said stronger products, a richer product mix and growing demand from agentic AI deployments are helping Intel regain relevance in data centers.Beyond improving demand, Arya said industrywide shortages of wafers, substrates and leading-edge manufacturing capacity continue to shape customer decisions. He said Intel’s position as a U.S.-based leading-edge manufacturer gives it strategic value as customers look for reliable supply while committing hundreds of billions of dollars to AI infrastructure.NVIDIA Competition And Hyperscaler DemandArya said NVIDIA offers a more compelling valuation in the near term, but argued that Intel’s investment case rests on the long-term strategic value of its U.S.-based manufacturing footprint.He said only a handful of companies can produce leading-edge chips, while the industry remains heavily dependent on Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) for advanced capacity. Intel’s progress in developing domestic leading-edge manufacturing, including improvements in its 18A and future 14A processes, could become an increasingly important competitive advantage, he said.While acknowledging that Intel’s valuation may appear stretched in the near term, Arya said operating leverage from the company’s turnaround could allow earnings to quadruple over the next three to four years.Intel Technical AnalysisIntel’s longer-term trend remains constructive, although momentum has cooled in recent weeks. The stock is trading 42.1% above its 200-day simple moving average of $65.76 but sits 15.7% below its 20-day SMA of $110.79 and 18.9% below its 50-day SMA of $115.27. It remains 3.5% above its 100-day SMA of $90.28, suggesting the broader uptrend is intact even as the shares work through a short-term pullback.Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $109.07. Recent analyst moves include: