Intel (INTC) skyrocketed 28.80% in pre-market trading on Thursday, April 24, after posting a blockbuster Q1 2026 earnings report that far exceeded Wall Street estimates. The stock hit $86.01 in pre-market action, up from the previous close of $66.78.
Q1 Earnings Crush Expectations
Revenue came in at $13.6 billion, up 7% year-over-year and well above the analyst consensus of $12.4 billion. Non-GAAP earnings per share reached $0.29, versus forecasts for a loss of $0.01. The Data Center and AI (DCAI) segment was the standout performer, generating $5.1 billion in revenue, up 22% from a year ago.
The company also raised its Q2 revenue guidance to a range of $13.8 billion to $14.8 billion, significantly higher than the $13.06 billion analysts had expected. Shares surged 22% in after-hours trading immediately following the release.
U.S. Government Stake Nets $28.4B Paper Gain
The Trump administration acquired approximately 433.3 million shares of Intel in August 2025 under the CHIPS Act framework, at an average cost of $20.47 per share — a total investment of $8.9 billion for a roughly 10% stake. At the pre-market price of $86.01, that stake is now worth $37.3 billion, producing a paper gain of about $28.4 billion.
The windfall represents a rare victory lap for the government's shift from industrial subsidy provider to equity holder in a major chipmaker.
CEO Invokes Andy Grove's 'Paranoid' Mantra
CEO Lip-Bu Tan opened the earnings call with a quote from Intel co-founder Andy Grove: "Only the paranoid survive." Tan said the company is "returning to its paranoid roots centered on data and engineering."