BlockBeats News, July 24th, JPMorgan Chase announced that it is raising its price target for Intel (INTC.O) from $45 to $85.

Prior to this, Intel released unexpectedly strong revenue guidance, indicating that a surge in data center spending is driving the long-awaited recovery for the chipmaker. The company stated that it expects third-quarter revenue to reach $15.8 billion to $16.8 billion. Even the lower end of this range comfortably exceeds analysts' average expectation of $15.1 billion.

This outlook underscores Intel's growth momentum among data center customers who are in urgent need of chips to meet the demands of AI computing. Last quarter, sales in this sector surged by 59%, more than double the overall revenue growth for Intel.