Intel reported its strongest quarterly profits in three years Thursday and said the market for its semiconductors is growing, boosting investors’ enthusiasm for the beleaguered chipmaker.

“Current demand is outpacing supply, a trend we expect will persist into 2026,” said Chief Financial Officer David Zinsner.

Intel’s third-quarter sales totaled $16.7 billion, up 2.8% from the same period last year. The company reported a $4.1 billion profit, 90 cents a share.

Intel’s stock price climbed 6% in late trading, to $40.45. That’s its highest point in 18 months.

Last summer was among the most eventful periods in the company’s history. Intel laid off more than 15,000 workers beginning in July, including 2,400 of its Oregon employees .

Intel also brought on the federal government as its lar

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