20 AI News and Analyst Ratings You Should Not Miss

16. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 75     

Intel Corporation (NASDAQ:INTC) markets key technologies for smart devices. The stock has rallied in the past few days after confirmation that the company would receive up to $3 billion in direct funding under the CHIPS and Science Act for the Secure Enclave program. This package would be in addition to an already $8.5 billion federal grant the chipmaker had received from federal authorities earlier this year. The funding for the former focuses on projects for the US defense while the funding for the latter has gone into the development of a semiconductor manufacturing and research projects at sites in Arizona, New Mexico, Ohio and Oregon.

Northland has an Outperform rating on Intel Corporation (NASDAQ:INTC) stock with a price target of $42. In a recent investor note on the chipmaker, the investment advisory underlined that the US military had no alternative to TSM other than Intel for advanced logic chips and noted that the Department of Defense required that the chips they use be manufactured on US soil. For these reasons, the advisory claimed, the Daddy War Buck would continue to provide funding to the chipmaker, even though Intel needed to be split into pieces to justify the present price target.