Why Intel Shares Are Rallying Nearly 4% Premarket Today
Portfolio Pulse from Rounak Jain
Intel Corp. (NASDAQ:INTC) shares surged nearly 4% premarket following the announcement of a proposed $8.5 billion funding from the Biden administration under the CHIPS and Science Act for semiconductor projects in the U.S. This funding aims to create tens of thousands of jobs and solidify the U.S.'s stance in the global semiconductor market. Intel's investments over the next five years are expected to exceed $100 billion, generating significant employment opportunities. Additionally, Nvidia Corp. (NASDAQ:NVDA) is considering Intel Foundry for its AI chip production.

March 20, 2024 | 11:54 am
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Intel Corp. is set to receive up to $8.5 billion in funding from the Biden administration to support semiconductor projects, expected to significantly boost its U.S. investments and job creation.
The proposed funding directly benefits Intel by supporting its semiconductor projects in the U.S., likely leading to an increase in its stock price in the short term due to the anticipated expansion and job creation.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Nvidia Corp. is reportedly considering Intel Foundry for its AI chip production, indicating potential collaboration between the two semiconductor giants.
The consideration of Intel Foundry by Nvidia for AI chip production suggests a potential partnership that could benefit both companies by leveraging Intel's manufacturing capabilities for Nvidia's AI chips, likely positively impacting Nvidia's stock in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 75