Intel AI event ‘much ado about nothing,’ says Citi

Citi says Intel’s (INTC) artificial intelligence event was “much ado about nothing.” The firm keeps a Neutral rating on the shares with a $34 price target. Intel introduced its latest AI chip but did not provide any revenue targets for 2024, which suggests limited sales, the analyst tells investors in a research note. The firm notes that AMD (AMD) has already guided for over $2B in AI chip revenue in 2024. Citi believes Intel “will chase growth end markets that will result in continued losses.”