If you are looking for a technology stock that has the potential to deliver strong returns in the near future, you might want to consider Intel (INTC). The chipmaker has been lagging behind its peers and the market for a long time, but it seems to have finally turned the corner and is poised for a breakout.
Intel (INTC) has been struggling with various challenges in the past few years, such as losing market share to rivals like AMD and Nvidia, facing delays and glitches in its 10nm and 7nm chip production, and dealing with the impact of the global chip shortage. These factors have weighed on its stock price, which has dropped by more than 63% from its high of 63.82 in April 2021.
However, things are looking up for Intel (INTC) now. Intel (INTC) is benefiting from the favorable macro trends in the technology sector. Technology stocks have seen strong performance since the beginning of 2023. While 2022 has stayed dismal, the technology bellwether index NASDAQ has gained 14.85% on a YTD basis.