Intel (NASDAQ: INTC) stock is moving higher Tuesday despite bearish pressures for the broader market. The semiconductor company’s share price was up 2.2% as of 3:15 p.m. ET. Meanwhile, the S&P 500 had fallen 0.7%, and the Nasdaq Composite was off 1%. The stock had been up as much as 4.9% earlier in the day.
Stocks are broadly moving lower today in response to news that the U.S. has initiated strikes on Iran’s Kharg Island and the possibility that strikes across the country will dramatically intensify if a ceasefire agreement is not reached before this evening. On the other hand, Intel stock is solidly in the green today thanks to news of a major new partnership with SpaceX, Tesla, and xAI.
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Intel announced today that it’s teaming up with CEO Elon Musk’s SpaceX, Tesla, and xAI to advance the companies’ shared Terafab project. The semiconductor specialist is partnering with Musk’s companies to guide and accelerate the upcoming chip fabrication plant in Austin, Texas. The foundry site is expected to be able to manufacture advanced chip designs and produce up to a terawatt of compute processing power per year.
The partnership has the potential to be a big deal for Intel and looks to be a major boon for Musk’s Terafab project. Coming into the semiconductor-fab space as a new entrant is very difficult and highly capital-intensive, and Intel’s involvement makes it far more likely that the project will eventually be a success. The team-up also looks like a substantial win for Intel as the company has seen relatively modest demand for its own chip-fabrication services due to tough competition from Taiwan Semiconductor Manufacturing.
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