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Intel Went From Market Reject to Musk's AI Partner — What Happens Next?

Authored by Sam Quirke. Article Published: 4/13/2026.

Tech giant Intel Corp (NASDAQ: INTC) has staged one of the most dramatic turnarounds in the market over the past couple of quarters. After trading at multi-year lows and becoming a byword for disappointment last year, Intel shares are now approaching a five-year high — up more than 220% since last August.

The rally has accelerated in recent weeks, with the stock adding roughly 50% since the end of March.

The latest leg higher was driven by fresh news this week that Intel is joining Elon Musk’s Terafab AI chip production project alongside his Tesla Inc (NASDAQ: TSLA), SpaceX, and xAI companies. That development has injected a new level of excitement into the story, placing Intel at the center of one of the most ambitious artificial intelligence (AI) infrastructure initiatives currently under construction.

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The question now is whether this renewed momentum still has room to run, or whether the stock has already priced in much of the upside ahead of its next earnings report on April 23. Let’s take a closer look.

A Narrative Shift Is Underway

While this week’s update on Intel’s partnership with Musk and his portfolio is notable, the most important change over the past year has been the shift in perception around its foundry business. What was once viewed as a long-term, uncertain turnaround effort is increasingly framed as a credible path back to relevance in the semiconductor industry.

The traction Intel Foundry Services is gaining as a supplier in the broader AI ecosystem is evidence of that shift. Having once been an “also-ran,” Intel is now back in conversations around the next phase of technology growth rather than being dismissed as a company doomed to lag its younger, more nimble peers. That change in perception has helped drive a significant re-pricing in the stock, even as many underlying improvements remain in early stages.

Terafab Has Put Intel Back in the Spotlight

The Terafab announcement has been a welcome catalyst for the bulls. Intel’s involvement in the project alongside Tesla, SpaceX, and xAI has eased bearish concerns about its turnaround and effectively validated its role in the emerging AI supply chain. These companies are among the boldest players in the AI space, and their decision to work with Intel signals the company is again being taken seriously at the highest level.

Given that Intel shares jumped roughly 20% after the news broke, the market is clearly taking it seriously. Analysts, however, remain divided in their interpretation. Some firms, like KeyCorp, have leaned in — reiterating their Buy rating and raising their price target to $70 — which still implies meaningful upside ahead of the company’s upcoming earnings report.

Others, including Cantor Fitzgerald and Wells Fargo, have taken a more cautious stance, issuing Hold or equivalent ratings that reflect uncertainty about how quickly this narrative will translate into financial results.

The Rally Has Moved Faster Than the Fundamentals

From the sidelines, it’s not hard to see why bears have a point. Intel’s story has improved substantially compared with this time last year, but the stock has moved even faster than those improvements.

A 220% rally — and a roughly 50% surge since the end of March — suggests a significant amount of optimism is already priced in. The Terafab news accelerated that move, but it has also raised expectations at a time when much of the underlying progress is still nascent.

Key elements of the bull case, including the long-term success of the foundry business and the economics of projects like Terafab, remain largely unproven. Execution risk therefore remains meaningful, and the path to realizing the company’s full potential has yet to be clearly demonstrated. That creates an exciting but potentially risky setup: a strong emerging narrative while fundamentals continue to catch up.

Earnings Will Be the Next Major Test

Intel’s next earnings report, due April 23, will likely be as closely watched as ever. After such a sharp run higher, investors will look for confirmation that the recent narrative shift is backed not only by a clear strategy from management but also by tangible progress.

If Intel can deliver on those fronts, the rally could extend further, supported by both momentum and improving fundamentals — a case in which the stock may still be undervalued and worth buying ahead of the report.

Conversely, the risk and scale of a potential pullback if results disappoint have grown. For investors on the sidelines, that makes for an interesting setup: the long-term opportunity may be increasingly compelling, but the risk of near-term volatility could outweigh the prospects for immediate gains.