Intel (NASDAQ: INTC) stock is seeing significant gains in Wednesday's trading. The semiconductor company's share price was up 3.5% as of 2:15 p.m. ET and had been up as much as 3.8% earlier in the daily sessions.

Despite Q3 2024 challenges, Intel's cost reduction and new product launches, like new processors for AI. Read why I reiterate my bullish rating for INTC stock.

Intel shares moved about 9% higher in postmarket trading after quarterly revenue, while down from last year, was slightly better than expected. The chip maker also offered guidance for sales growth in the current quarter that was above expectations.

Intel's removal from the Dow doesn't really impact the business, but it will lead exchange-traded funds (ETFs) that track the Dow to sell the stock when the Dow makes the switch on Nov. 8. That's not as significant as being removed from the S&P 500 since not as many ETFs follow the Dow, but it still leads to greater supply and less demand.

Earn up to $845 cash back this year just by changing how you pay at Costco! Learn more here. *Stock prices used were the afternoon prices of Nov. 10, 2024. The video was published on Nov. 12, 2024. Before you buy stock in Intel,