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Anyone scrolling through social media investing forums today will likely notice that Intel (NASDAQ:INTC) stock is trending. The prominent tech conglomerate doesn’t receive as much attention as its larger peers that make up the “Magnificent Seven.” However, today it has of retail investors, as evidenced by data from APE Wisdom.
Whenever that happens, it often sparks speculation as to whether or not a new meme stock has risen. But in this case, it’s important for investors to know that INTC stock is rising for one clear reason: Intel just reported stellar third-quarter earnings and Wall Street is happy.
Does this mean that Intel is one to watch as it gears up for the year’s final quarter? Let’s take a closer look.
What’s Happening With INTC Stock?
Intel isn’t a company that most investors should expect to see trending on r/WallStreetBets. That’s because it’s a strong company that has enjoyed an excellent year so far. Short interest accounts for less than 2% of its float according to Fintel, making it clear that Wall Street isn’t betting against shares.
Not that there’s any reason it should be. As noted, the company just reported Q3 earnings and exceeded analyst expectations. As CNBC reports:
“Intel posted net income of $297 million, or 7 cents per share, versus net income of $1.02 billion, or 25 cents per share in the same quarter last year. Intel’s gross margin for the quarter was 45.8%, which was flat year over year.”
This impressive earnings beat has helped INTC stock gain traction on r/WallStreetBets and similar forums. In the past 24 hours, the number of mentioning users has surged. Clearly, the message boards are heating up, but investors should not expect to see Intel become the next meme stock favorite. Sometimes stocks trend for the right reasons and in this case, it’s because the company has reported some stellar results.
On top of its recent earnings success, Intel is finally venturing into the artificial intelligence () space. According to The Information, the company has begun “selling specialized AI software and services,” a move that could make it a winner among AI stocks in the coming year. All told, investors should keep a close eye on INTC stock, as it could be among 2024’s breakout sensations.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.