Shares of Intel (INTC) advanced 1.8% on Thursday. This followed a move by HSBC Holdings PLC to double its price target for the chipmaker to $200, establishing the highest target on Wall Street.

Analyst Frank Lee expressed growing optimism regarding Intel's foundry business, suggesting it should not be underestimated as the company's "collaboration with external customers continues to increase."

Lee stated, "Growth in the server CPU business will still be the key driver for Intel's profit growth in 2026 and 2027."

He further indicated that, benefiting from the reconfiguration of internal foundry capacity, Intel is positioned to achieve server CPU shipment growth exceeding expectations in 2026 and 2027.

HSBC Holdings PLC assigned a "Buy" rating to Intel's stock.

Year-to-date, Intel's share price has accumulated a gain of approximately 250%.