Intel Rips As Semiconductor Rally Has Wall Street Seeing Green
BREAKING NEWS
Intel is again soaring to all-time highs on Tuesday after a Bloomberg report that the chipmaker plans to partner with Apple to produce the main processors for its U.S. devices.
The once-staid stock soared over 14% Tuesday, cresting $109.30 per share. The stock is up over 177% this year as it posted blockbuster first-quarter earnings and leads the semiconductor rally. The rather surprising talks with Apple cap an astounding few weeks for Intel shareholders. Intel gained 114% in April alone, the best month for the company since it went public in 1971.
The run this year has totally reshaped Intel’s standing on Wall Street. The Trump Administration took a 10% stake in the firm last year, buying in at $24.37 per share. Today’s price marks a nearly 350% increase. With a nearly $530 billion market cap, Intel is now larger than software giant Oracle.
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It’s a sign of the times, as the market rotates from software to semiconductors. The PHLX Semiconductor Sector index, which is comprised of the 30 largest semiconductor firms including AMD, Nvidia, and Micron, gained nearly 5% on Tuesday.
Intel, once one of the chief symbols of the dot-com boom-and-bust, is now symbolic of the semiconductor boom. Let’s hope there’s no forthcoming bust.
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