Intel Shares Eclipse Dot-Com Peak After Blockbuster Forecast (1)

Intel Corp. shares hit a record high after the chipmaker delivered a sales forecast that shattered Wall Street expectations, showing that it’s finally benefiting from a boom in AI spending.

Revenue will be $13.8 billion to $14.8 billion in the June quarter, the company said Thursday in a statement. Analysts estimated $13 billion on average, according to data compiled by Bloomberg.

The upbeat outlook suggests that Chief Executive Officer Lip-Bu Tan is making progress on a once-improbable turnaround. After lining up major investments in Intel last year — helping to strengthen the company’s balance sheet — he’s now delivering ...