Intel forecast crushes estimates as AI boom boosts chip demand; shares jump

July 23 : Intel forecast quarterly profit and revenue above estimates on Thursday, pushing its shares up 10 per cent in after-hours trade, and boosted spending plans over the next two years as an AI data center buildout increases demand for its central processing units (CPUs). The company expects third-quarter revenue between $15.8 billion and $16.8 billion, compared with analysts' average estimate of $15.1 billion, according to data compiled by LSEG. Adjusted profit is expected to be 38 cents per share, compared with analyst estimates of 27 cents.Intel is benefiting from a boom in what is known as agentic AI, where autonomous agents carry out tasks such as computer coding on behalf of human users. Its shares have declined more than 25 per cent from a record close on June 22 amid a broader