Shares of Intel (NASDAQ: INTC), the chipmaker best known for powering PCs, were surging last month as macroeconomic news, a broader recovery in the stock market, and an analyst upgrade all pushed the chip stock higher.

There was little company-specific news out on Intel last month. However, the gains show that the stock could have substantial upside potential in an improving macro environment and with a better outlook for the semiconductor sector, which is starting to emerge from a downturn.

As a result of improving sentiment, Intel finished the month up 23%, according to data from S&P Global Market Intelligence. As you can see from the chart below, the stock trended with the S 500 for most of the month but surged in the middle of November on a weak inflation report and an analyst upgrade.

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Source Fool.com