Intel (NASDAQ:INTC | INTC Price Prediction) shares are up 6% to $102.53 in early Tuesday trading, leading a broad chip rebound after a preview note from RBC Capital Markets flagged a likely Q2 revenue beat. The move extends day two of a semiconductor rally following last week’s rout.
Advanced Micro Devices (NASDAQ:AMD) stock is up 4% to $523, while Broadcom (NASDAQ:AVGO) shares are climbing 3% to $390. The iShares Semiconductor ETF (NASDAQ:SOXX), which holds all three names, is up 4% to $547.
The rally lines up with strength overseas. South Korea’s Kospi closed up 3.6%, Japan’s Nikkei rose 3.3%, and Taiwan gained 4.2%, per Yahoo Finance and AP reports.
RBC’s Q2 Beat Call Sets the Tone for Intel
RBC Capital Markets, previewing Intel’s Thursday earnings, told clients to expect a 5% Q2 revenue beat, a 3% to 5% guidance raise, and gross margins 1 to 2 points above expectations, citing server-CPU strength. Intel also confirmed Data Center Group layoffs as part of an efficiency push, with more color expected on the call.
To be clear, RBC left its INTC rating unchanged. RBC maintains a Sector Perform rating with an $80 price target, which sits below where Intel stock trades today, and the firm warned that Intel’s 60x-plus forward earnings multiple already reflects much of the optimism.
The setup is consistent with recent operating trends. Intel’s last reported quarter delivered non-GAAP EPS of $0.29 on revenue of $13.577 billion, with Data Center and AI revenue up 22% year over year. Polymarket traders currently assign an 84% probability of an earnings beat this week.
AMD Rides Analyst Upgrades, Broadcom Follows the Tape
AMD stock is extending Monday’s momentum after two aggressive analyst calls. Rosenblatt named AMD a top pick and raised its price target to $665 from $490, and UBS lifted its target to $700 ahead of AMD’s AI conference this week.
AMD shares were up 135% year to date heading into today, backed by Q1 2026 revenue of $10.25 billion and 38% year-over-year growth. CEO Lisa Su has pointed to accelerating AI infrastructure demand, MI450 Series traction, and a Meta Platforms (NASDAQ:META) 6 gigawatt deployment as key drivers.
Broadcom shares are along for the ride. Broadcom last reported AI semiconductor revenue of $10.80 billion, up 143% year over year, and guided Q3 FY2026 AI semiconductor revenue to roughly $16 billion. The $30 billion multiyear Apple (NASDAQ:AAPL) chip agreement through 2031, announced July 8, remains a live tailwind.
Sector Breadth and Recent Context
The bounce comes after a challenging stretch. Intel stock is down 28% over the past month, and the SOXX ETF fell 18% over the same window, so today’s rally reads as a reset rather than a breakout. Note that SOXX is concentrated in a small number of large chipmakers, so single-name news can swing it hard.
Breadth is showing up elsewhere in the group. NVIDIA (NASDAQ:NVDA), Marvell Technology (NASDAQ:MRVL), Taiwan Semiconductor (NYSE:TSM), SK Hynix (NASDAQ:SKHY), and Nebius (NASDAQ:NBIS) are all catching a bid alongside the majors. U.S. chip names are shrugging off higher oil prices tied to the U.S.-Iran conflict for now.
What to Watch
Intel’s earnings report on Thursday, July 23 is the next real test. Investors can watch for whether management confirms RBC’s guidance-raise thesis, quantifies the Data Center Group cuts, and holds gross margin above the 39% Q2 outlook already on the tape.
The AMD AI conference this week is another catalyst worth tracking, particularly for any commentary on MI450 volumes and hyperscaler deployments. Momentum traders may keep INTC, AMD, and AVGO active into the close.
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