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Why Intel Corporation (INTC) Skyrocketed on Friday

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Intel Corporation's stock surged on Friday due to a combination of positive developments. The company announced a significant expansion of its foundry services, aiming to become a major player in the contract chip manufacturing market. This move was well-received by investors, as it promises to diversify Intel's revenue streams beyond its traditional business of designing and selling its own chips. Additionally, Intel reported better-than-expected earnings for the recent quarter, with earnings per share and revenue both surpassing Wall Street's forecasts. The company also provided an optimistic outlook for future growth, citing new product launches and an increase in demand for semiconductors across various sectors. These factors combined to boost investor confidence, leading to a sharp rise in Intel's stock price.

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