What's Going On With Intel Stock?

Intel Corp INTC shares are trading narrowly lower Wednesday after falling more than 4% on Tuesday. This week's Innovation event appears to be the main driving force.

What To Know: Intel held its Innovation 2023 event on Tuesday, centered around AI. The company said its technology plans remain on track and dubbed the AI market the "Siliconomy."

Intel highlighted the upcoming launch of its Intel Core Ultra processors, which will deliver power-efficient AI acceleration for PCs. The company also said a large AI supercomputer will be built on Intel Xeon processors and Intel hardware accelerators.

"AI represents a generational shift, giving rise to a new era of global expansion where computing is even more foundational to a better future for all," said Pat Gelsinger, CEO of Intel.

Check This Out: Intel CEO Stresses Role in AI Boom, Taking on Nvidia in Accelerator Tech at Innovation Conference

Intel announced the general availability of its Developer Cloud, which is designed to help developers accelerate AI using Intel's hardware and software innovations and highlighted the new release of its OpenVINO toolkit, as well as Project Stata. 

The Strata platform will launch next year and help to scale necessary infrastructure for the intelligent edge and hybrid AI.

"AI going forward must deliver more access, scalability, visibility, transparency and trust to the whole ecosystem," Gelsinger added. 

Following the event, Rosenblatt analyst Hans Mosesmann reiterated Intel with a Sell rating and maintained a price target of $17.

INTC Price Action: Intel shares were down 0.52% at $36.15 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Intel.