$Intel(INTC)$ INTC is now down roughly 19.8% from its recent high of $130.24.
After the multi-week selloff, price is probing a zone that could mark intermediate support. The setup looks increasingly constructive heading into Q3 earnings in about two weeks.
Adding fuel: Intel remains a core partner on Elon Musk's Terafab project. CEO Lip-Bu Tan recently reaffirmed that Intel will continue working with Musk on the Texas AI chip complex, with 14A still the referenced process, even as any TSMC role stays limited to a potential sublease at most.
A ~20% reset plus ongoing strategic alignment with the Terafab build-out could support a run into earnings in anticipation of a clean beat-and-raise plus constructive commentary on 14A progress, external foundry interest, AI/server demand. That would fit the classic "run into the print, then see what guidance does" pattern.
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