Intel (INTC) ripped further up on May 5 following reports that Apple (AAPL) is considering using its foundry services for domestic chip production.
Following today’s surge, INTC’s relative strength index (RSI) sits in the mid-80s, signaling severely overbought conditions that often trigger a sharp pullback.
Year-to-date, Intel stock is now up a remarkable 170% as the firm’s blowout Q1 release continues to sustain upward momentum.
What an Apple Partnership Could Mean for Intel Stock
A potential partnership with Apple would be a game-changer for Intel’s turnaround strategy.
The iPhone maker had previously transitioned away from Intel processors to Apple Silicon, exclusively manufactured by Taiwan Semiconductor (TSM).
However, as geopolitical tensions rise and the U.S. pushes for domestic semiconductor self-reliance, AAPL is reportedly interested in diversifying its supply chain.
By leveraging Intel’s cutting-edge U.S. fabrication plants, Apple could secure a domestic supply of artificial intelligence (AI) and consumer chips.
For INTC shares, winning a whale like Apple as a customer would validate the company’s multi-billion-dollar investment in becoming a world-class foundry — potentially shifting the competitive landscape against rivals like Taiwan Semiconductor and Samsung.
Barchart’s Data Suggests Further Upside in INTC Shares
While Intel shares have already experienced an explosive rally in 2026, Barchart’s data suggests they could push higher from here as the year unfolds.
Based on 13 short-, medium-, and long-term technical indicators, the financial data platform holds a “100% BUY” opinion on the semiconductor behemoth.
Additionally, INTC is currently trading firmly above its major moving averages (MAs), reflecting robust institutional accumulation.
Sentiment remains aggressively bullish among options traders as well; contracts expiring Aug. 21 have the upper price set at nearly $142 at the time of writing, indicating potential upside of another 31% from here.
Intel does not currently pay a dividend, though.
Wall Street Recommends Caution on Intel at Current Levels
Despite the aforementioned Apple news and stellar Q1 earnings, however, Wall Street firms seem to disagree with Barchart’s data on INTC stock.
While the consensus rating on Intel sits at “Hold” currently, the mean price target of just under $80 signals potential downside of more than 25% from here.
This means that analysts believe the company’s recent surge has gone a bit too far.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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