Intel (INTC) Stock has been one of the least affected by the recent US tech stock slump, only down a fraction of a percent in the past week. The semiconductor giant has trumped Nvidia and AMD in the past year in terms of stock growth, and is now closing in on NVDA in the AI race on several levels.

Recently, CEO Lip-Bu Tan said the company plans to build graphics processing units (GPUs) to rival Nvidia. “I just hired the chief GPU architect, and he’s very good. ‌I’m very delighted he joined me,” Tan said, claiming that it took some persuading. The move spurred INTC higher, with the stock only seeing slight resistance due to the overall tech stock sell-off.

Furthermore, Intel (INTC) is now putting more visible weight behind AI infrastructure and high-performance computing. The alliances with Saimemory and HKUST give it additional technical resources that sit closer to leading-edge AI workloads, from advanced memory to research focused on efficiency. The move, plus closing in on Nvidia in the GPU market, fuels the theory that the recent dip could be a prime opportunity for an inevitable INTC stock rebound.

Also Read: Alphabet (GOOGL) Dismisses AI Worries: Stock to Slide Further?

From here, it is worth watching whether Intel can turn these partnerships and leadership changes into design wins in data centers and AI projects, and how that shows up in segment sales and margins over time. Most Wall Street analysts who are bullish on the AI sector still see further upside for INTC, as reflected in recent price forecasts. However, some bears remain. Current price targets for Intel vary, with Loop Capital and Rosenblatt setting a $25 target, significantly below the current market price of $48. Truist Securities offers a slightly more optimistic $39 target.