Intel's share price jumps 24% after announcing $14.8bn June quarter revenue forecast and new AI-chip customers including Tesla

Intel's stock hit a record high on Friday following revenue forecasts described as 'blockbuster' and June quarter revenue estimates of $14.8bn, with the share price jumping 24%. The stock is now up 120% this year.

Chief Revenue Officer Greg Ernst attributes the demand surge to a shift by companies like Anthropic, Gemini, and OpenAI toward agentic-model architecture (AI systems with hundreds of smaller models and agents that need to communicate), which increases demand for CPUs (central processing units) for orchestration and data management between these models.

Intel's strategy includes deep partnerships: the company announced a 10% stake by the U.S. federal government for $8.9bn in August, with a valuation that has leapt to $36bn, and partnerships with SoftBank and Nvidia under consideration.