Intel (INTC) traded higher on Thursday, April 23, 2026, with the gain largely tied to pre-earnings positioning and renewed optimism from a prominent analyst upgrade. The stock’s rise comes as the market waits for Intel’s Q1 2026 results due after the close, with investors focused on whether Intel can deliver upside versus muted expectations and provide guidance that supports the recent run.

A key driver of sentiment was an HSBC upgrade that reframed the near-term earnings debate around a potential server CPU upside surprise, arguing the server CPU business is a catalyst that may not be fully reflected in current expectations. The call included an aggressive valuation framework and a Street-high price target, which helped fuel risk-taking ahead of the earnings print.

Intel’s shares have been highly sensitive to incremental signals on product competitiveness and data-center momentum, because the market is demanding clearer evidence that the turnaround can translate into earnings power. With Q1 results arriving today, investors are treating guidance and forward commentary as the main swing factor—particularly any details on data-center demand, supply dynamics, and the pace of progress in Intel’s foundry and packaging ambitions.

The immediate focus is Intel’s Q1 report and management’s outlook for the next quarter, including whether guidance meaningfully exceeds what’s already priced into the stock after its recent rally. Options markets are also bracing for elevated volatility around the release, making the post-earnings reaction especially sensitive to any deviation from expectations in both results and forward commentary.