Stifel analysts say Intel sentiment is split between bullish and conservative camps ahead of Thursday's earnings. Under CEO Lip-Bu Tan, the chipmaker has pursued cost cuts while facing intense competition in PC and server CPU markets. The company's stock has roughly doubled since September.

The debate centers on profit margins and whether Tan's turnaround plan can deliver. A major boost came last year from a $5 billion investment by Nvidia, alongside backing from SoftBank and the U.S. government. This support helped fuel the recent rally, but questions linger about execution.

Investors are watching for Tan's forecast, which analysts expect to be conservative. The key question is whether Intel's 18A process technology can drive a margin inflection. If successful, shares could justify their higher valuation and become a core holding for the AI theme.