Why Intel (INTC) Went Up on Tuesday?

We recently published a list of 10 Firms Kick Off Shortened Trading Week With Impressive Gains. In this article, we are going to take a look at where Intel Corporation (NASDAQ:INTC) stands against firms that kick off shortened trading week with impressive gains.

The stock market kicked off the shortened trading week on a positive note, with all major indices finishing in the green territory as investors continued to monitor more corporate earnings results.

The S&P 500 led the charge among its peers, recording a modest 0.24 percent gain. The Dow Jones and the tech-heavy Nasdaq were similarly up, albeit posting lackluster gains of only 0.02 percent and 0.07 percent, respectively.

In comparison, 10 companies delivered stronger performances thanks to continued investor confidence. One company in particular stood out for jumping more than 100 percent in just two trading days.

To come up with Tuesday’s top performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A technician soldering components for a semiconductor board.

Intel Corporation (NASDAQ:INTC)

Intel Corporation (NASDAQ:INTC) surged by 16.06 percent on Tuesday to end at $27.39 apiece as investors bought up on news that it was being targeted for acquisition by two of the world’s largest semiconductor manufacturers—Taiwan Semiconductor and Broadcom.

According to a report by Wall Street Journal, the two companies are weighing bids that could result in splitting the embattled chipmaker.

Citing people privy to the matter, Broadcom was said to be considering a play for the company’s chip design and marketing segment while TSMC was interested in a stake or full ownership of INTC’s factories. Talks, however, have yet to be formalized.

Intel (NASDAQ:INTC) has long been ailing in recent years, shedding billions in market value, as it fell behind the booming Artificial Intelligence industry that has swept up the broader semiconductor sector.

Overall, INTC ranks 4th on our list of firms that kick off shortened trading week with impressive gains. While we acknowledge the potential of INTC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than INTC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.