Intel Corp. (Intel (INTC)) shares jumped more than 8% in Thursday's premarket session after President Donald Trump announced that Apple Inc. (Apple (AAPL)), NVIDIA Corp. (NVIDIA (NVDA)), and Tesla Inc. (Tesla (TSLA)) have agreed to work with Intel to design and build chips domestically. The news sent a jolt through the semiconductor world, as these three tech giants currently rely heavily on Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) for their chip production.
A broader rally in tech stocks also helped. Nasdaq futures rose 1.39%, and the S&P 500 gained 0.48%.
Apple, NVIDIA, Tesla Sign On
Trump said Apple has "agreed to work" with Intel to design and manufacture its chips in the U.S. He also said NVIDIA plans to build "first level" chips with Intel, while Elon Musk's Tesla will produce a "TerraFab" designed with Intel's technology team. For context, all three companies currently use TSMC as a key contract chip manufacturing partner.
Trump added that Intel's market value has climbed from about $100 billion to more than $600 billion since a U.S. investment made nine months ago, and that the government's stake is now worth more than $60 billion.
18A Process Hits Risk Production
Separately, Intel's 18A-P semiconductor process entered the risk production phase on Wednesday. The milestone keeps the company on the manufacturing timeline it shared with customers and partners in 2025. Risk production is a key step before full-scale manufacturing, indicating the process is mature enough for initial customer chips.
Technical Picture
Intel is trading near the top of its 52-week range. The stock changed hands around $131, just below its 52-week high of $132.75. That puts investors' focus on whether the shares can break to fresh highs or retreat after the recent rally.
The long-term trend remains strong. Intel trades 13.3% above its 20-day simple moving average, 31% above its 50-day average, 79.1% above its 100-day average, and 138.2% above its 200-day average. A golden cross formed in August 2025, when the 50-day moving average moved above the 200-day moving average, continues to support the longer-term bullish trend.
However, momentum indicators are becoming less supportive. The moving average convergence divergence (MACD) remains below its signal line, suggesting buying momentum has slowed even as the stock trades near its highs. Key resistance sits at $133, just above the current 52-week high.
Earnings and Analyst Outlook
Intel is expected to report quarterly results on July 23. Wall Street expects earnings of 19 cents per share, compared with a loss of 10 cents per share a year earlier. Revenue is projected at $14.40 billion, up from $12.86 billion last year.
The stock carries a Hold consensus rating with an average analyst price forecast of $82.33. Recent analyst actions include:
- Bank of America Securities upgraded Intel to Buy and raised its price forecast to $135 on June 11.
- Barclays maintained Equal Weight and raised its price forecast to $100 on June 1.
- Wells Fargo maintained Equal Weight and raised its price forecast to $110 on June 1.
ETF Exposure
Intel is a significant holding in several semiconductor and technology-focused exchange-traded funds, including:
- iShares Semiconductor ETF (SOXX): 6.30% weighting
- iShares MSCI USA Value Factor ETF (VLUE): 9.28% weighting
- Pacer Data and Digital Revolution ETF (TRFK): 7.85% weighting
Strong inflows or outflows in these funds can influence demand for Intel shares.
Price Action
Intel shares were up 8.40% at $131.27 during premarket trading on Thursday.
