Intel Corp. (NASDAQ:INTC) stock has been left for dead more than once in recent years. Not anymore.

INTC stock is up. See the chart and price action here. 

Shares of Intel are up 86% year-to-date, and a fresh note from BNP Paribas explains why the rally has legs, even if the bank thinks the stock has gotten a little ahead of itself. 

BNP upgraded Intel from Underperform to Neutral on Monday, lifting its price target from $34 to $60, while flagging that at $68.50, shares still imply about 12% downside to that target.

Agentic AI Catalyst

So what changed? Two words: agentic AI.

The rise of AI agents is adding to an already enormous appetite for server CPU chips. Hyperscalers are scrambling to lock up supply, and Intel finds itself in a rare position of pricing power. 

Chip prices are rising, fabs are running near full capacity, and that combination is doing something Intel hasn’t been able to say for a while: expanding margins. 

BNP forecasts ...