Intel Corp.’s stock is up 85% so far in 2025 to rank among the S&P 500’s best year-to-date performers. But one analyst isn’t sure the party will last for an extended period.

Investors once viewed Intel’s stock

INTC with skepticism, given the company’s struggles to keep pace technologically or work out the economics of restarting a foundry business. Now the stock has undergone “a substantial re-rating” — meaning that Wall Street has come to assign it a higher valuation multiple — in the wake of deals with SoftBank Group Corp. JP:9984, the U.S. government and Nvidia Corp. NVDA, entities that are now Intel investors.