Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTVuk ZdinjakWed, June 24, 2026 at 7:07 PM GMT+2 5 min readIntel (INTC) has gained about 263.09% year to date at the time of writing, Tuesday afternoon, June 23. Meanwhile, the SPDR S&P 500 index (SPY) is up about 8.04% in the same period.Intel stock has outpaced the S&P 500 by a wide margin, thanks to its position in the semiconductor sector, which is rallying on the AI boom.News that fueled the INTC stock rally:The company said it will join Elon Musk’s Terafab project, Reuters reported.Intel expanded a multiyear partnership with Google to build out AI and cloud infrastructure.Intel reported better-than-expected earnings.Intel signed a preliminary agreement with Apple to manufacture chips, the Wall Street Journal confirmed.The wider tech sector is facing a sell-off, and Intel is caught in it, trading 5.07% down at $133.79, as reported by Yahoo Finance.The current sell-off is probably just a small bump in the road, at least if Bank of America analysts are correct. Bank of America analyst Vivek Arya and his team were in the bearish camp, rating Intel stock underperform until June 11, when they upgraded it to buy.It hasn’t been two full weeks since the last note, and in a fresh research note shared with me, Arya has raised his Intel price target again.The price target increase comes as the team has raised its 2030 total addressable market (TAM) for the semiconductor industry to $2.7 trillion from $2.3 trillion.The main pain point for Intel is its foundry business, but the company has been making strategic moves and hitting the previously set goals.On June 8, Cadence (CDNS) and Intel Foundry expanded their collaboration to advance Design Technology Co-Optimization.The new multi-year agreement combines Cadence’s agentic AI-driven electronic design automation and IP solutions with Intel’s next-generation manufacturing process (node) technologies, beginning with Intel 14A.The node is important for Intel Foundry’s customers because its size indicates device generation, with smaller features and higher transistor density, resulting in improved performance and efficiency.This collaboration with Cadence is important to Intel Foundry's strategy, as the companies will work to optimize Intel 14A and deliver production-ready process design kits.For the layman, the easiest way to think about process design kits is that they provide everything needed to actually design a chip for the specific node the kit targets.This is why good process design kits are vital for the foundry business, as they’ll help attract more customers to Intel’s advanced node.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info