INTC Reclaims $100 as Last Week's Broadcom Selloff Unwinds

A Bounce, Not a Bombshell

The move that pushed INTC back to $107 isn't a new Intel story — it's the unwind of someone else's. Last Friday the stock broke below $100 for the first time since its 2026 run, down roughly 11% on a session that had nothing to do with Intel: Broadcom guided Q3 AI revenue light, the whole semiconductor complex repriced, and INTC — the highest-beta name in the group — gave back the most.

Today it's running the tape in reverse. As the cleanest momentum carrier in the sector, INTC reclaims the most when sentiment turns, and it's now back above the $100 line and pressing toward the $110–112 zone that capped it in early June. There's no fresh company-specific headline behind this; it's mean reversion in the year's strongest chip name, helped along by a market that has re-decided CPUs still matter to the AI buildout rather than only GPUs.

Wells Fargo's $110 Target

The one genuinely new data point landed Friday. Wells Fargo lifted its price target on Intel to $110 from $85, citing a positive demand tone spanning AI data-center build-outs and the spread of inferencing and agentic workloads into incremental server-CPU demand — the exact part of the stack where Intel still holds a real seat.

Keep it honest about what that is, though. The firm held its rating at Equal Weight, and a $110 target sits right about where the stock already trades. This is confirmation of the bull case, not a fresh leg of it. But after an 11% washout, an analyst raising numbers *into* the dip is enough to give the group's highest-beta name cover to snap back hard.

The Story That Survived the Dip

Strip out the week's noise and the thesis that has more than tripled INTC in 2026 is unchanged. The foundry story is the spine of it: Intel and Apple reached a preliminary agreement for Intel to manufacture chips on its 18A process, disclosed in mid-May and read by the market as proof Intel Foundry can land marquee external customers. Stack on Nvidia's equity stake and Xeon 6's slot in its rack systems, the Foxconn rackscale AI partnership that lifted the stock around 4% on June 3, and 18A reaching full mass production, and you have a coherent reason the dip got bought instead of sold.

The next real test is dated. Intel reports on July 23, where the Street is looking for roughly 19 cents of EPS against a 10-cent loss a year ago on about $14.4 billion of revenue. Until then, $110–112 is the level this bounce has to clear to prove it's more than a reflex off the Broadcom shock.