Key points:

• Intel’s turnaround is gaining credibility. Under CEO Lip-Bu Tan, Intel has moved from balance-sheet defense to strategic offense, with 18A becoming tangible, partnerships adding weight to the story, and the market starting to reprice the company as more than a legacy chipmaker.

• The bull case rests on both tactical momentum and strategic relevance. In the near term, stronger server CPU demand, high-profile partnerships, and improving confidence in execution are driving the stock. Over the longer term, Intel’s domestic manufacturing footprint, foundry optionality, and broader role in AI infrastructure create room for a much larger re-rating if execution holds.

• The risks are just as real as the opportunity. Valuation is no…