A bet on Intel is a bet on the PC, and investors who wagered correctly on the company enjoyed big gains in 2014.
The chipmaker ripped higher last year, surging some 40 percent, and was the best performer in the Dow.
So, what explains the move in Intel's stock, and what can investors expect this year?
For one, the PC market in 2014 didn't crash and burn as many expected. Instead, it was basically flat, which is good news for Intel. The company dominates the market for PC chips, which accounts for 60 percent of its sales.
One tailwind for the PC market in 2014 was Microsoft's decision to end support for Windows XP, prompting companies to buy new computers. The question now is how much of a tailwind that will be this year.
Intel bull Christopher Rolland of FBR believes the tailwind will continue, and he points to another reason for optimism: Microsoft's release of Windows 10, which he says will lead to a better-than-expected refresh cycle.
For its part, Intel expects PC units to be flat and revenues slightly down in 2015.
The other big part of Intel's business is providing chips for server systems, which accounts for about 20 percent of its sales. The company says revenue in that business can grow at a 15 percent rate at least through 2018.
Craig Ellis, a senior semiconductor analyst at B. Riley, says that could add $7.5 billion in revenue over the next four years.