Intel's turnaround is remarkable, yet it hasn't produced significant visible results.

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      Wall Street is placing significant bets on Intel ahead of the forthcoming results.

      Intel’s resurgence has emerged as one of the most unexpected developments in the market. The stock has surged nearly 490% over the past year, returning the company to record highs and restoring confidence in a chip manufacturer that many had deemed obsolete.

      The concern is that Intel has minimal product success to substantiate this enthusiasm.

      Is Intel's stock surge outpacing its chip business performance?

      Much of the excitement is linked to hopes surrounding Intel Foundry, government support, and a few key partnerships, rather than clear triumphs in chip production.

      A substantial portion of this optimism stems from Intel’s advancements in manufacturing. The company has started shipping its Panther Lake processors, which utilize the 18A process node (1.8nm), marking a significant achievement after prolonged delays. Intel achieved this milestone ahead of competitor TSMC, which has yet to launch its own 2nm chips completely.

      Nonetheless, Intel’s own 18A processors have yet to make a noticeable impact. They have not altered the competitive landscape in PCs, servers, or AI, where Nvidia and AMD remain dominant.

      Is Wall Street banking on Intel's future instead of its current performance?

      Investor optimism seems to be based on anticipated developments, as recent reports indicate that Intel has reached a preliminary chipmaking agreement with Apple. If finalized, this would represent a significant endorsement of Intel's foundry business, particularly since Apple transitioned away from Intel processors in favor of its own silicon.

      Intel also enjoys support from the government, a result of CEO Lip-Bu Tan’s discussions with President Trump that secured a major investment in August 2025. This support could facilitate Intel’s efforts to enhance domestic chip manufacturing, potentially easing regulatory challenges and allowing the company to secure future contracts.

      Additionally, Intel has joined Elon Musk’s Terafab AI chip project, providing it with another high-profile partnership and a prospective long-term customer for its manufacturing services.

      Can Intel transform manufacturing progress into tangible market victories?

      Despite these positive developments, Intel’s comeback is still more reliant on future potential than current achievements. The company deserves recognition for beginning production of the 18A process and narrowing some of the manufacturing gap with its competitors—a feat that seemed unlikely just a few years ago.

      Now, Intel must demonstrate that its soaring stock price is supported by a genuine business turnaround rather than merely investor optimism in unfulfilled agreements.

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