Intel Corp. gave a fourth-quarter revenue forecast slightly above estimates, sparking optimism that it’s capable of reclaiming some lost market share. Shares surged.

Fourth-quarter revenue will be $13.3 billion to $14.3 billion, the Santa Clara, California-based company said in a statement. That compares with the $13.6 billion analysts estimated on average. The company is projecting a profit of 12 cents a share compared with the 6 cents Wall Street projected.

Intel, once the industry leader in computer processors, is now working to preserve cash to fund a turnaround plan — one Chief Executive Officer Pat Gelsinger called the “most audacious rebuilding plan” in corporate history, in an interview with Bloomberg.

In the prior quarter, Intel announced job cuts, slashed its spending and suspended investor payouts. Now, Gelsinger needs to show that he can counterbalance the cash drain by generating new orders from customers.

“This was a critical period of time for the company,” Gelsinger said in the interview. “We got a lot done.”

The fall from investor favor for what was once the world’s largest chipmaker underlines a major shift in semiconductor industry in favor of artificial intelligence hardware. Companies are spending on computers built around accelerator chips for AI, an area where Intel’s offerings have barely made a dent. Instead, customers are fleeing for Nvidia Corp, fueling its massive rise.

Intel’s decline in value has made it attractive to potential acquirers in various break-up scenarios, according to reporting by Bloomberg and other news organizations. Gelsinger has said some of the business units he thinks are undervalued will seek outside investors or look to sell shares to the public.

The company is also under siege in its traditional stronghold of selling processors for servers and personal computers. For decades, its superior manufacturing made its chips the market leader and locked down an improbably high market share. Since losing its lead in process technology to rival Taiwan Semiconductor Manufacturing Co., others such as Nvidia and Advanced Micro Devices Inc. have been able to field competitive chips made by the provider of outsourced production.