Intel Corp. surged in late trading after predicting a return to sales growth in the fourth quarter, fueled by an improving personal computer market and a more competitive product line.
The company has said that the PC market, its biggest business unit by shipments, is through the worst of a historic slump caused by a buildup in inventory. “While we’re encouraged by our progress to date we know we have much more work in front of us,” Gelsinger said. That market is on course for annual shipments of about 270 million units and will ultimately grow to about 300 million units, Gelsinger said.
The company is also constructing a new plant there. Workers have kept the operations going despite the conflict with Hamas, he said. And the company is playing catch-up with Nvidia in semiconductors that help power the development of powerful AI systems.