On June 11, Intel surged 7.23% in regular trading, reaching $114.86 per share with trading volume of $10.31 billion. The rally was driven by Bank of America upgrading Intel from Underperform to Buy with a $135 price target, adding fuel to the bullish momentum triggered by major foundry contract developments earlier this week.
Bank of America's upgrade reflects growing confidence in Intel's foundry business trajectory. The catalyst traces back to reports that Google has formally placed an order for over 3 million TPUs to be manufactured by Intel by 2028, following months of advanced packaging technology testing. Meanwhile, NVIDIA is actively testing Intel's 18A process node and EMIB packaging technology for its next-generation Feynman GPU architecture, also targeting 2028. SK Hynix is additionally conducting compatibility tests between its HBM products and Intel's packaging solutions.
The backdrop is TSMC's capacity constraints across both leading-edge wafer fabrication and advanced packaging lines. Intel's CFO noted that advanced packaging demand has scaled from hundreds of millions to multi-billion-dollar annual levels. Additionally, Intel expanded its collaboration with Cadence Design Systems to optimize its 14A manufacturing process, further signaling external ecosystem confidence in Intel's foundry roadmap.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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