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Intel (INTC) stock climbed on Tuesday after the chipmaker announced plans to expand its wafer fabrication plant in southern Israel.
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Israel’s government agreed to give Intel a $3.2 billion grant for a new $25 billion chip factory in Kiryat Gat, south of Tel Aviv, according to Bloomberg and Reuters.
The factory expansion is an “important part of Intel’s efforts to foster a more resilient global supply chain, alongside the company’s ongoing and planned manufacturing investments in Europe and the United States,” Intel said in a statement.
Intel also is building new chip factories in eastern Germany and southeast Ohio. Plus, it is investing in new manufacturing capacity in Arizona.
Intel Stock Hits More Than 18-Month High
In premarket trades on the stock market today, Intel stock advanced 2.4% to 49.16. It’s trading at its highest level since April 2022.
On Nov. 15, Intel stock broke out of a nine-week consolidation pattern at a buy point of 40.07, according to IBD MarketSmith charts. Shares had been surging after the company’s better-than-expected third-quarter report on Oct. 26.
On Dec. 14, Intel introduced new processors optimized for artificial intelligence applications in data centers and on personal computers.
Intel ranks No. 11 out of 32 stocks in IBD’s semiconductor manufacturing industry group, according to IBD Stock Checkup. Intel stock has an IBD Composite Rating of 64 out of 99.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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