Intel (NASDAQ: INTC) has been on an astounding run on the stock market over the past year.
Shares of the semiconductor giant have gained a whopping 427% during this period, but recent stock price action suggests that investors may be having second thoughts about its prospects
Shares of Intel reached a 52-week high on May 11. However, they have slipped by more than 16% since then. Concerns regarding Intel’s expensive valuation, the potential entry of Nvidia into its turf, and the recent dip in semiconductor stocks have weighed on its stock price.
However, Intel stock could get a solid boost following a new development that reinforces the company’s turnaround story. Let’s take a closer look at a potentially major win scored by the chipmaker that could supercharge its stock once again. Intel’s foundry business may have landed a huge contract Technology-focused business publication The Information (via Reuters) reports that Alphabet’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google has placed an order for manufacturing over three million units of its Tensor Processing Units (TPUs) in 2028 with Intel’s foundry unit.