Intel stock price inched up in Friday’s premarket session, as investors continued betting on prospects of a deal with Taiwan Semiconductor Manufacturing Company (TSMC). The stock traded at $23.20 at the time of writing, up by 0.48%, a day after the Taiwanese government stated that TSMC needed approval before any overseas ventures.
The momentum on Intel Stock price has been on the upside in recent weeks, resulting in gains of 13.5% in the last month. For context, Nvidia has declined by 1.45% and Broadcom share price has lost 4.9% of its value in that period. While the two companies have stronger financials, Intel (NASDAQ: INTC) has the upper hand due to a prospective takeover of its struggling foundry business.
TSMC controls about 655 of the global chips market, and its acquisition of Intel’s chips manufacturing plants could help the US chipmaker offload a loss-making business segment while pumping in much-needed funds. In addition, another peer, Broadcom is interested in acquiring Intel’s chip design unit. This sets up Intel stock price for a potential continuation of the upside in the coming weeks.
However, potential barriers placed by Taiwan’s government against TSCM’s Intel deal could limit the upside for INTC price. In addition, such a deal could potentially feel the impact of impending trade tariffs against semiconductor imports.
Intel Stock Price Prediction
Intel stock price pivots at $23.00 and action above that level signifies control by the buyers. The first barrier is likely to be at $23.20, but an extended upward momentum will break above that level and potentially test $23.40.
Alternatively, breaking below $23.00 will signal the onset of control by the sellers. That will likely see the first support come at $22.80. The upside narrative will be invalid if the price breaks below that level. In addition, the resulting momentum could take the price lower and test the second support at $22.60.
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