Intel’s turnaround is one for the ages, without having much to show for it

Intel’s stock has surged on hopes that its manufacturing comeback is finally taking hold.

Investors are betting on 18A production, Panther Lake, possible Apple foundry work, and U.S. government support.

Intel is also being lifted by an AI chip partnership tied to the Terafab project, adding to turnaround optimism.

But the company has not yet shown enough product or market-share gains to meaningfully close the gap with TSMC, Nvidia, or AMD.