Why Intel Shares Are Rising Wednesday

Intel Corporation INTC shares are trading higher by 6.21% to $31.11 Wednesday afternoon. The stock is trading higher amid the company's Investor Day event and strength in the broader semiconductor sector.

Per Reuters, Intel on Wednesday says customers are testing Granite Rapids chips today and delivery will end up following that of the company's Sierra Forest chips.

Meanwhile, 5th-Gen Xeon Chip Emerald Rapids are still on schedule to deliver at the end of 2023. Sierra Forest chips, per a report by Reuters, should make their way to data center customers in the first half of 2024.

Shares of semiconductor companies are also trading higher in sympathy with Micron Technology Inc MU, which said customer inventories have declined in several end markets.

See Also: Why Lucid Stock Is Falling

What's Going On With Micron?

Micron on Tuesday reported quarterly losses of $1.91 per share which missed the analyst consensus estimate of a loss of 81 cents.

The company also reported quarterly sales of $3.69 billion which missed the analyst consensus estimate of $3.72 billion by roughly 1%. This sales figure represents a 52.6% decrease over sales of $7.79 billion in the same period last year.

"Micron delivered fiscal second-quarter revenue within our guidance range in a challenging market environment. Customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance," said Sanjay Mehrotra, president and CEO of Micron...Read More