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Intel Corp (NASDAQ:INTC) is one of Renaissance Technologies’ top semiconductor stock picks. The stock has been a big winner for investors, returning 200% year-to-date and more than 476% over the past year.

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On May 20, Mizuho reaffirmed a Neutral rating on Intel Corp (NASDAQ:INTC) stock with a price target of $124. For this action, the firm cited comments from Intel CEO Lip-Bu Tan.

Speaking at the 2026 JPMorgan Global Technology, Media and Communications Conference on May 19, Tan discussed various efforts the management is making to reinvent Intel. Among them are changes in the company’s approach to electronic design automation (EDA) tools and intellectual property strategy.

According to Mizuho analyst Siti Panigrahi, Intel is moving to streamline its large internal EDA operations. In particular, the company is focusing on areas where internally developed technology doesn’t offer a clear advantage over industry-standard solutions. Mizuho noted that Tan’s remarks provided further insight into how Intel is balancing internal EDA technology with third-party solutions as part of its business strategy adjustments.

The Intel chief used the conference to highlight broader operational changes at the company aimed at speeding up decision-making. Tan said Intel has reduced management layers from 12 to five and reorganized its engineering leadership. All these are part of the efforts to simplify operations and accelerate problem-solving across the business.

Intel Corp (NASDAQ:INTC) designs, manufactures, and sells semiconductor chips and other hardware components used in personal computers, servers, and data centers. The company also provides foundry services, where it manufactures chips for other companies.

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