It's been a rough few years for chip giant (NASDAQ: INTC). The post-pandemic PC market has been a disaster, and the company has lost market share to rival Advanced Micro Devices in PC and server CPUs. As revenue and profits were collapsing, Intel forged ahead with its expensive plan to build out its own foundry business. Until recently, the market was not optimistic.

Investors appear to be warming up to Intel's comeback story. Intel stock has soared about 80% this year, albeit from a depressed level. Looking ahead to 2024 and beyond, Intel stock could continue to reward investors as multiple components of the company's turnaround start to bear fruit.

Up until around 2017, Intel faced no real competition in the PC or server CPU markets. AMD was struggling, weighed down by bad decisions made in the early 2010s. Intel was having trouble bringing its 10nm manufacturing process to volume production, but it barely mattered. The 10nm process was originally set to be ready by 2016, but it eventually got pushed back multiple times and by multiple years.

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Source Fool.com