Shares of Intel Corp. rose about 5% after the chipmaker's finance chief said Wednesday that the company is on track to hit the upper end of its second-quarter revenue forecast.

Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia Corp forecast quarterly revenue that stunned Wall Street, with the firm betting on the rapid adoption of AI tools.

"We're going to track at $12 billion to $12.5 billion as we close out the second quarter," Intel CFO David Zinsner said at the TD Cowen conference.

The company's previous outlook in April was of revenue between $11.5 billion and $12.5 billion.

Intel will be able to ride the AI wave as its foundry services could provide wafers to customers that have products for the AI market, Zinsner said.

The company last month posted its biggest quarterly loss in the first quarter as it ramped up production and investments in manufacturing plants.