New York, Feb 2, 2026, 10:55 EST — Regular session
- After a choppy start, Intel shares climbed roughly 4.7% in morning trading
- A trade publication report has reignited hopes for long-term opportunities in outside foundry work
- Chip-supply news is testing investors as they navigate a packed week of data and earnings.
Intel shares climbed 4.7% to $48.67 in Monday’s morning session, up from Friday’s close at $46.47. The stock swung between $45.18 and $48.73, with roughly 33 million shares changing hands.
This matters since Intel’s comeback strategy hinges on its contract chipmaking — the “foundry” segment — and investors remain wary, seeking evidence it can attract outside clients. Even a pipeline of future customers, no matter how distant, can help stabilize sentiment amid short-term margin and volume challenges.
DigiTimes Asia’s weekly roundup reports that Apple and Nvidia are eyeing a limited partnership with Intel for select 2028-era chips, signaling a move toward dual-foundry sourcing amid U.S. manufacturing rules. Nvidia’s “Feynman” platform is set to keep core GPU dies with Taiwan Semiconductor Manufacturing Co, while shifting parts of the I/O die and some advanced packaging to Intel. This will leverage EMIB, Intel’s chip-to-chip packaging tech, and possibly their upcoming 14A process if yields improve. Meanwhile, Apple is considering Intel for entry-level M-series chips, motivated more by politics, cost, and supply diversification than any issues with TSMC. (DIGITIMES Asia)
At this point, Intel is focusing more on the names attached than on the actual volumes. Even a modest amount of business from high-profile clients can show that Intel’s fabs and packaging lines hold weight beyond its own products.
The broader market was volatile. U.S. stocks swung sharply as investors reacted to a sudden jump in precious metals following CME Group’s hike in margin requirements—the cash needed to hold certain futures—and to Donald Trump’s pick of Kevin Warsh to succeed Jerome Powell at the Federal Reserve in May, stirring rate concerns. “You’re seeing a change in mindset in terms of where equity investors are looking for leadership,” said Jim Baird of Plante Moran Financial Advisors. Traders were also on edge ahead of a heavy slate of earnings and economic reports, amidst fears of a partial U.S. government shutdown. (Reuters)
Chip price signals remain volatile. TrendForce boosted its forecast for conventional DRAM contract prices, predicting a 90%–95% surge in the first quarter compared to the previous three months. The firm cited “persistent AI and data center demands in 1Q26” as factors deepening the global memory supply-demand gap, which in turn strengthens suppliers’ pricing power. Rising memory costs could squeeze PC and data-center budgets, two key markets that still drive Intel’s near-term demand. (Reuters)
Intel’s latest earnings report rattled investors. On Jan. 22, the chip giant revealed it’s having trouble keeping up with demand for server chips used with AI accelerators. The company forecasted first-quarter revenue between $11.7 billion and $12.7 billion, falling short of estimates, with adjusted earnings per share expected to break even. Shares slid 13% in after-hours trading. CEO Lip-Bu Tan admitted, “In the short term, I’m disappointed that we are not able to fully meet the demand in our markets.” Meanwhile, Michael Schulman of Running Point Capital described the situation as “supply-constrained rather than demand-constrained.” (Reuters)
Given this context, even tentative foundry-customer talk carries extra weight, despite qualifiers like “reportedly” and “limited.” Intel has to convince the market its manufacturing roadmap will translate into actual orders, not just pilot runs.
But risks remain. If yields, costs, or delivery schedules falter, Apple and Nvidia might limit Intel to non-core projects—or drop it altogether. With a timeline stretching over several years, shifting priorities are far from unlikely.
Investors are eyeing this week’s calendar for fresh catalysts, with Tuesday’s anticipated U.S. House vote on funding and Friday’s February 6 jobs report in focus. For Intel, the key will be if discussions about future external work translate into concrete customer commitments reflected in guidance, filings, or capex plans.
