Why Intel Stock Is Gaining Today
(NASDAQ: INTC) stock is jumping in Monday's trading thanks to bullish news for the company's fabrication business. The semiconductor specialist's share price was up 2.3% as of 1:15 p.m. ET. Shares had been up as much as 4.7% earlier in the daily session.
After the market closed last Friday, Bloomberg published a report stating that Intel had qualified to receive $3.5 billion in federal funding for the production of semiconductors for U.S. national defense. In addition to suggesting substantial contract wins, the report is a positive sign for other grants and loans that the company has been poised to receive through the CHIPS and Science Act. But despite the promising grant news and stock gains, there was also a bearish report for Intel's design and fabrication units today.
The ability to fabricate advanced chips domestically has become a key economic and national security priority for the U.S. government. Right now, the vast majority of high-performance chips used for artificial intelligence (AI) and other advanced applications are manufactured by Taiwan Semiconductor Manufacturing in Taiwan.
Source Fool.com
Intel Corp. Stock
Our community is currently high on Intel Corp. with 47 Buy predictions and 24 Sell predictions.
On the other hand, the target price of 74 € is below the current price of 78.19 € for Intel Corp., so the potential is actually -5.36%.
