Intel shares climbed roughly 4% in premarket trading Tuesday, standing out against a softer broader market, after the chipmaker and Dutch equipment supplier ASML confirmed a manufacturing milestone on Intel's advanced 18A process node.
Intel Foundry and ASML said more than one million wafers have now been processed using High-NA EUV lithography, the next-generation chipmaking technology considered critical to keeping pace with rivals TSMC and Samsung on the most advanced process nodes. ASML separately confirmed it has secured High-NA EUV commitments from Samsung, TSMC and Intel, underscoring the technology's central role in the industry's roadmap over the next several years.
The move was reinforced by a fresh Wall Street upgrade. Northland Capital Markets raised Intel to Outperform from Market Perform with a $120 price target, citing turnaround momentum, ongoing server CPU shortages across the industry, and progress on Intel's Terafab collaboration. The upgrade adds Intel to a growing list of firms warming to the stock's recovery narrative, even as other analysts remain more cautious; Mizuho maintained a Neutral rating on September 4 while trimming its price target to $92, and UBS has kept a Neutral stance with a $112 target.
Shares also drew support from supply-chain reports, cited by DigiTimes, indicating Intel is preparing to raise prices on its PC central processing units by approximately 10% beginning in early October. Such an increase would extend a pattern of price hikes that began at the end of 2025, which the company has attributed to both supply-chain cost pressures and steady demand for its chips.
Intel entered Tuesday's session after closing at $95.80 the prior Friday, when the stock climbed 4.5% on volume of 97.7 million shares; U.S. markets were closed Monday for the Labor Day holiday. Technology investor Dan Niles pointed to Intel's expanded $20 billion capital raise as further evidence the company may be approaching significant new foundry customer agreements that would require additional manufacturing capacity, a thesis that has gained traction among some growth-oriented investors betting on Intel's foundry turnaround.
Technically, Intel is trading roughly 33% above its 200-day moving average of $74.15, though it remains slightly below its 50-day and 100-day simple moving averages. The stock's Relative Strength Index sits near 50, suggesting momentum is currently neutral rather than overbought, even after the stock's sharp gains over recent sessions. Analysts said Tuesday's move reflects genuine company-specific catalysts rather than a rising tide lifting all semiconductor names, since the broader chip sector traded mixed alongside a softer overall market.