Apple-Intel deal sparks explosive rally in Intel sharesIntel CorporationBATS:INTCinkicho_exnessINTC | 4H Technical Analysis — Jun 22, 2026 Intel surged to $133.99, leading a broad semiconductor rally after President Trump announced that Apple had agreed to design and manufacture chips within the US in partnership with Intel. The news builds on prior reporting and earlier disclosures of Nvidia server CPU production and Tesla's Terra Fab collaboration with Intel, with Trump emphasizing the need to bring chip manufacturing back to America. Tiger Research Partners noted that the Trump administration's $8.9B equity stake, combined with directing major US chip buyers like Apple, Nvidia, and SpaceX toward Intel's foundry, effectively positions Intel as America's flagship advanced chipmaker. Intel is now up 263% year-to-date, with some flagging the stock's P/E ratio exceeding 100x as a sign of potential overheating. INTC has been in a powerful uptrend since the April low near 40–43, with price now trading around 130 after the latest catalyst-driven surge. EMA21 (120.03) and EMA78 (106.76) are in a strongly bullish cross, both trending steeply higher and underpinning the entire advance since April. The rally has been remarkably persistent, clearing 50, 65, 85, 98.50, and 117 in sequence with only shallow pullbacks along the way. The 98.50 level, which briefly capped the price in early June, was reclaimed and has since acted as a floor during the June consolidation. Recent breakout pushes price to fresh highs above 117, with RSI at 64.39, elevated but below the 70-80 overbought readings seen during the April and May legs, suggesting room remains before exhaustion. Fibonacci extension levels at 145.10 (1.272) and 156.69 (1.618) are the next structural targets on continuation. Key levels to watch: Resistance: 134 (intraday high) / 145.10 (1.272 fib) / 156.69 (1.618 fib) Support: 120 (EMA21) / 117 / 106.76 (EMA78) / 98.50 Bear case: A reversal below 117 and a close under EMA21 at 120 would suggest the news-driven spike is fading. With the P/E now above 100x, any disappointment on deal specifics or broader market risk-off could trigger a sharp valuation-driven pullback toward EMA78 at 106. Bull case: A hold above 117 with continued momentum opens the path toward the 145.10 fib extension. The structural narrative, such as government equity stake, marquee customer wins, and policy-driven reshoring tailwinds, provides a multi-quarter fundamental catalyst that could sustain the premium valuation if execution follows through. Bias is bullish on the news-driven breakout and structural narrative shift, but the extended valuation and parabolic YTD move warrant caution against chasing strength without a pullback toward EMA21 or EMA78 support.