.September 17, 2024 Tuesday 03:03:20 PM

Jerome Ramel of BNP Paribas sets a new price target for Intel Corporation (NASDAQ:INTC) at $18, indicating a potential downside of around 16.3% from its trading price of $21.51.

Intel partners with Amazon to develop custom AI chips for Amazon Web Services (AWS), a multiyear, multibillion-dollar deal that could boost Intel’s strategic initiatives in AI and cloud computing.

The collaboration with Amazon and support from a U.S. semiconductor grant could positively impact Intel’s market position and stock valuation, leading to an uptick in early trading following the announcement.

The partnership with Amazon underscores Intel’s commitment to advancing AI technology and strengthening its position in the cloud computing sector, potentially influencing its stock valuation positively despite the cautious price target set by Jerome Ramel.

Intel’s stock has shown volatility over the past year, with prices ranging from $18.51 to $51.28, and a market capitalization of approximately $91.85 billion, presenting a promising opportunity for growth with the recent partnership and grant support.