Intel Rising. There are all sorts of ways to see the current enthusiasm around stocks, artificial intelligence, and tech. It could be the hundreds of billions of dollars in spending on AI infrastructure. It could be the 18-day winning streak for the chip stock index known as the SOX. Or it could be the continued record levels for the S&P 500 amid the war with Iran.

But I’d argue the best way to wrap up current sentiment came in the wake of Intel’s latest earnings report. The chip maker delivered strong numbers last night, good enough to send the stock higher, no doubt. But what happened next is rather remarkable. Intel finished Friday up 24%, surging to its first record close since the heady days of the dot-com era in 2000.

Anything that takes 26 years to happen is worth thinking about carefully. For years, Intel lost its way. First it missed the importance of chips for smartphones and tablets. Then it watched as Taiwan Semiconductor figured out better ways to manufacture chips. More recently, it allowed Nvidia to become the standard in AI data centers.

Has that suddenly changed? Not really. There are positive signs, like the company’s new CEO, and a plan from Elon Musk to (eventually) start using the company’s manufacturing lines. But Intel’s chip business remains a distant second to Nvidia in AI, and it’s potentially losing ground in the cloud where Microsoft, Amazon, and Google are making their own custom chips.

In the end, Intel’s big day was less about Intel, and more about the mindset driving the rally.

No one wants to be left behind in the world of AI. That includes corporate leaders and investors. And the fear of missing out is unlikely to end anytime soon.

In today’s trading, the S&P 500 rose 0.8% to a fresh record, while the Nasdaq Composite was up 1.6% to its own all-time high. Both indexes are up for four consecutive weeks.

In the meantime, though, investors might want to think more about their Intel trade. My colleague Adam Levine has a compelling case for skepticism. Read his take here.

Watch our TV show on Fox Business on Saturday or Sunday at 10:30 a.m. ET. This week, cybersecurity expert Christopher Krebs will discuss the surge in cyber threats—and what to do about it.

The Hot Stock: Intel +23.6%
The Biggest Loser: Charter -25.5%

Best Sector: Technology +2.5%
Worst Sector: Healthcare -1.4%

Investors get a plethora of earnings next week with about one-third of S&P 500 companies reporting results, including five of the Magnificent Seven. Verizon Communications releases earnings on Monday, followed by Coca-Cola, T-Mobile U.S., and Visa on Tuesday. AbbVie, Alphabet, Amazon.com, Meta Platforms, Microsoft, and Qualcomm announce quarterly results on Wednesday. Apple, Caterpillar, Eli Lilly, Mastercard, and Merck report on Thursday. Chevron and Exxon Mobil report Friday.

The week also brings the Federal Open Market Committee’s monetary-policy decision on Wednesday, and potentially Fed Chair Jerome Powell’s last press conference at the helm.

The FOMC will most likely keep interest rates unchanged. But it may give important clues as to how willing the central bank is to look past rising inflation, mostly from energy prices and the accompanying knock-on effects.

The main economic release of the week is the personal consumption expenditures price index, released by the Bureau of Economic Analysis on Thursday. The consumer price index rose 3.3% year over year in March, and the PCE price index is expected to show a similar jump.

It’s been more than five years since inflation has been at or below the Federal Reserve’s 2% target.

—Dan Lam

• An Intel Skeptic on Reasons to Doubt the Stock’s Huge Rally

• Polymarket Could Be Liable in Alleged Insider Trading Case, Former Regulators Say

• Don’t Fret the War. Why ‘Big Money’ Investors Are Bullish—and Where They’re Investing Now.

• Insurers Are Lending to the Same Private-Credit Funds That Investors Are Rushing to Exit

• And this weekend’s cover story: Kevin Warsh Is Ready to Fix the Fed. Inflation Is Standing in the Way.

Join Barron’s Live returns on Monday. Rick Rieder, chief investment officer of global fixed income at BlackRock, discusses the Federal Reserve, his bond-market outlook, and investment opportunities in fixed income with Barron’s Ben Levisohn and Lauren R. Rublin. Rieder leads the management team of the $17 billion-in-assets iShares Flexible Income Active ETF.

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