Evidently the recession is over as far as Intel goes. It reported its best first quarter ever on Tuesday. Revenues came to $10.3 billion, up 44% compared to nasty ole last year, against Wall Street estimates of $9.84 billion. And it earned $2.4 billion, or 43 cents a share versus expectations of 38 cents. That’s up 288% or up 32 cents. Intel’s record operating income was $3.4 billion, up 433% year-over-year and its gross margin was an uncharacteristically high 63.4% against forecasts of 61.4%. It attributed its performance to its investments during the downturn and the response to its new product line. Its new 32nm chips are ramping faster than expected. And its rationalized cost structure didn’t hurt.

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