Intel Sets a New All-Time High at $85 After Its Best Earnings in Years - Is INTC Still a Buy?

So, the Q1 earnings were the kick-off, but three things have happened since then to keep the institutional investors buying in. 

The first was a huge deal between Google and Intel, where Google agreed to use Intel CPUs, including Xeon, in all their cloud-based AI workloads. This is a big deal, because it shows Intel's AI story isn't just hot air - it's actually winning real workloads at the biggest cloud platforms in the world. That already showed up in Intel's Q1 Data Centre and AI revenue of $5.1 billion, up 22% from last year, but the Google deal makes it even more convincing - it makes the forward trajectory a whole lot less uncertain.

Secondly, Tesla has confirmed plans to use Intel's 14A process for their upcoming Terafab project - which is basically an AI and autonomous compute project that ties in Tesla, SpaceX, and Elon Musk's new AI outfit. This is a huge win for Intel's foundry business because it shows they can attract big-name customers for their top-of-the-line chips - something that's been a major worry for them. And if you take a look at Intel Foundry's revenue in Q1, which was $5.4 billion, with external foundry revenue of just $174 million - that deal with Tesla puts a much bigger number on the forward roadmap.

Lastly, the US government's big $8.9 billion CHIPS Act grant has now been converted to an equity stake in Intel of about 10% - and that was taken at roughly $20.47 per share. So at the current price of $85, the government's stake has already more than quadrupled in value. And this matters - because it means the US government is now very much invested in Intel's future - and that makes their whole manufacturing roadmap a national priority - not just some company project. 

So the risk of them pulling the plug or scaling back their investment is much lower now. Barclays has a target price of $95 on the stock, with some folks even talking about it going up to $100. And Q2 earnings are just around the corner on July 23rd - and analysts are already thinking that the numbers will be a lot higher than the consensus of around $0.20 non-GAAP EPS and $14.2 billion in revenue.

After the 24% gap on April 24, INTC has been put back to consolidating in the low-to-mid $80s with rejection wicks on the 4H chart forming just below that pesky supply zone around $82.80 to $83. RSI has finally cooled off from those extreme overbought levels, now hovering around the 65 to 70 mark - momentum is definitely fading, but the trend is still pretty much intact just above that rising trendline and the 50-day EMA down at $70. A pullback towards $77.40 (look at the Fib 2.618 for a glimpse of that one), looks like the most likely next move, with deeper support kicking in around $72.70 if selling does get going. 

Intel Price Chart - Source: Tradingview

A clean breakout above $83 with a bit of volume and we're back in business again, with $87.30 and $91.50 as the next goals.

Trade Setup

Pullback entry: $77.40 - our Fib 2.618-support pick, looking for a pullback there to get back in

Deeper support: $72.70 - previous structure, and a secondary entry zone if selling takes off

Breakout entry: a daily close above $83 with decent volume - that's the ticket, lets us know the trend's still intact and we can get back to business as usual

Target 1: $87.30 - the next Fib level we're looking to hit

Target 2: $91.50 - and now we're really getting into the upper echelons, the HSBC $95 target zone looking well within reach

Stop loss: a daily close below $72.70 - and we have to re-evaluate the whole situation.

The bull case has got a lot more meat to it now than it did before April 23. That Google deal just confirms that Xeon is a real winner in the AI cloud infrastructure stakes. And that Tesla/Terafab foundry win? just proves 14A can attract all sorts of advanced-node external customers. The US government's got a vested interest in Intel's manufacturing success now, what with their CHIPS Act equity stake. AI-driven businesses now make up a full 60% of revenue and are up 40% year-on-year - that's a pretty convincing picture. And CEO Lip-Bu Tan has been delivering on his own guidance for six quarters running now. HSBC's $95 target, which was the highest on the street pre-earnings, now looks a bit conservative if Q2 comes in above the $14.3 billion midpoint.

The bear case is basically what's already baked into the price at $85. Intel's trading at about 293x trailing GAAP EPS - that GAAP loss from restructuring charges makes a normal P/E analysis pretty much useless. Non-GAAP though, $0.29 in Q1 annualises to about $1.16, so that makes the stock trading at 73x. The foundry's still operating at a significant loss and won't be profitable for years. PC demand is still looking pretty soft in H2. And let's not forget that 27% gain in the last five days after already being up 74% year-to-date means a lot of good news is already factored in. A correction to $77 isn't a bearish sign - just normal consolidation in an extended uptrend. We need to see a sustained close below $72.70 before we start to get worried.

Why is Intel stock at an all-time high in April 2026? 

Intel has just reached the dizzy height of $84.99 on April the 27th, which has eclipsed its August 2000 record high. And this surge has been driven by a Q1 2026 earnings beat - which saw $13.6B of revenue, a tidy $1B more than the consensus forecast - plus a major deal with Google Cloud for CPU's, the news that Tesla's Terafab 14A contract is going ahead and all the support they're getting from the CHIPS act - and that from HSBC makes them think it's got all the way up to $95 - a pretty bold prediction.

What are the key levels to watch for INTC this week? 

Intel is sort of hovering between $82.80 and $83 at the moment - a bit of an area of supply - and their RSI is in the 65-70 zone. If it pulls back to $77.40 we are probably going to see a pretty good entry point - and if we look a bit deeper , there is a bit of support at $72.70. A daily close above $83 and we're likely to see the stock start shooting up again - this time heading for $87.30 and $91.50.

When is Intel's next earnings date? 

Intel will be releasing their Q2 2026 results on July 23rd. Analysts are forecasting something around $0.20 EPS and $14.2B revenue - and the company themselves are saying between $13.8 and $14.8B - so that is one to watch out for.