Chip maker Intel Corp. (NASDAQ:INTC) is banking on Microsoft Corp.'s (NASDAQ:MSFT) vision of 2024 as the "year of AI PC" and a record number of notebook shipments in its consumers to stage a rebound.

After years of stagnant or declining growth, global PC shipments were up in 2020 due largely to an increase in notebook sales as people hunkered down to work and school from home during the global ...