CNBC's Kristina Partsinevelos reports on news regarding Intel and Wall Street skepticism.

Intel has posted its first profitable quarter since January 2024, ending a streak of six consecutive quarterly losses. Despite this return to profitability and a share price increase of over 80% this year, analysts remain cautious about Intel's future, particularly regarding its foundry business and overall competitiveness.

The company has received significant financial support from the US government, SoftBank, and a pending partnership with NVIDIA. However, foundry revenue declined in the latest quarter, and major analysts from Bank of America, Citi, and Morgan Stanley have expressed doubts about Intel's ability to catch up with competitors like TSMC. Some believe recent share gains are driven more by geopolitical factors than company fundamentals, and there is little enthusiasm from mutual fund investors. Meanwhile, competitors such as AMD and Microsoft are seen as benefiting from current market trends.

Wall Street remains skeptical on Intel despite its return to profitability

Shares of Intel falling steadily today, despite posting its first profitable quarter since January of 2024. For today's tech check, Christina Partsanevelis has more on the street sentiment around this name. Christina. Courtney, we should probably mention that, yes, shares are down from the earlier highs, but they're still positive and they're up over 80 percent this year, as Intel returned to profitability after six straight quarterly losses. But I have to say that Wall Street, based off of all the many notes I read, are somewhat skeptical of this turnaround. So yesterday, I caught up with CFO Dave Zisner, and he told me that Intel is supply constrained on older chips. Demand for Intel's older hardware is coming, quote, faster than anticipated, driven by the Windows refresh. So that means enterprises aren't waiting necessarily for cutting edge chips and technology when proven technology gets the job done, a theme that could eventually apply to A.I. buildouts as well. Intel is definitely shoring up cash with lifelines, $8.9 billion from the U.S. government, $2 billion from SoftBank and a pending $5 billion deal from NVIDIA, our partnership. But foundry revenue still fell in the quarter, 2 percent lower despite cost cuts. And Wall Street just doesn't seem to be that convinced just yet on the foundry story, which is the manufacturing side of the business. Bank of America doesn't expect meaningful improvement in foundry's cost structure with peak capacity not until after 2030. So still years out. Citi reiterates a sell on Intel, believing Intel's foundry business is still years behind TSMC, Taiwan Semi. And then Morgan Stanley warning that the recent rally that we've seen in Intel share price is really driven by geopolitical enthusiasm. In other words, the support from President Trump and not necessarily company fundamentals. And Mizuho's Jordan Klein put it bluntly in a note. Intel remains a total, quote, show me story with a ton of unanswered questions. And he's saying no real A.I. exposure. He also said he hears zero mutual fund investors wanting to buy Intel. The positive read through, though, are going elsewhere. AMD benefits from stronger server demand. We saw that Intel is doing quite well and AMD does steal some market share from Intel. And then Microsoft could benefit from the Windows refresh. And then, of course, memory names that have been on a tear lately, like Micron, from these rising memory prices.

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