Intel Corporation (NASDAQ:INTC) stock rose 2.6% in premarket trading Wednesday as investors looked for a rebound following a recent pullback from spring highs, even as broader index futures traded mixed.
Nasdaq futures gained 0.1%, while S&P 500 futures slipped 0.1%, suggesting Intel’s early advance was driven more by company-specific positioning than by broader market sentiment.
Investor sentiment also got a boost from CEO Lip-Bu Tan’s latest comments on artificial intelligence-driven demand.
Speaking Tuesday, Tan said Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) remains a trusted partner.
Tan reaffirmed Intel’s strong relationship with Taiwan Semiconductor, calling it a “very trusted partnership” and saying Intel will continue relying on the foundry for advanced chip production.
Tan said he views industry players as collaborators rather than competitors, describing NVIDIA Corp. (NASDAQ:NVDA) Nvidia as “a good friend.”
He also pointed to strong CPU demand fueled by the rapid growth of agentic AI applications, according to the Taipei Times. “In the last four weeks, I have had all CEOs calling me, [saying]: ‘I need more CPU,’” he said.
Technical Setup Remains Bullish
Intel shares remain in a long-term uptrend despite recent consolidation. The stock has surged nearly 432% over the past 12 months, and traders appear to be betting that the recent weakness represents a pause in the rally rather than the start of a deeper decline.
The technical picture remains constructive. Intel’s 20-day simple moving average remains above its 50-day moving average, while the 50-day moving average stays above the 200-day moving average. The golden cross that formed in August 2025 remains intact.
The stock continues to trade 34.2% above its 50-day moving average and 127.9% above its 200-day moving average, reinforcing the broader bullish trend.
However, near-term momentum has moderated. Intel is trading 1.9% below its 20-day simple moving average of $116.26 but remains near its 20-day exponential moving average of $110.45. Traders often view this area as a key decision point for the stock’s next move.
The relative strength index stands at 52.3, indicating neutral momentum and suggesting the shares are neither overbought nor oversold.
Key resistance sits near $133, close to the stock’s 52-week high of $132.75. On the downside, traders are watching support around $102.50.
Intel Earnings Outlook
The next major catalyst is Intel’s expected earnings report on July 23, 2026.
Wall Street expects earnings of 19 cents per share, compared with a loss of 10 cents per share a year earlier. Revenue is projected to rise to $14.4 billion from $12.86 billion in the prior-year period.
Analysts currently maintain a consensus Hold rating on the stock, with an average price forecast of $80.31. Recent analyst actions include:
- Barclays maintained its Equal-Weight rating and raised its price forecast to $100 on June 1.
- Wells Fargo maintained its Equal-Weight rating and increased its price forecast to $110 on June 1.
- Mizuho maintained its Neutral rating and lifted its price forecast to $128 on June 1.
Intel Price Action
INTC Stock Price Activity: Intel shares were up 2.73% at $110.88 during premarket trading on Wednesday, according to Benzinga Pro data.
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