Intel's Stock Is Soaring. Is It Too Late to Buy?
Key Points
The long-struggling chipmaker has seen its stock soar over 260% in 2026.
Intel and Apple will work together to design and manufacture chips in the U.S.
The U.S. federal government took a nearly 10% stake in Intel last year.
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It could very well be the comeback story of the year. Intel (NASDAQ: INTC) just partnered with Apple, and the deal is likely the semiconductor manufacturer's most important to date. On June 18, President Donald Trump announced Apple has agreed to work with Intel to design and manufacture chips within the U.S. This deal apparently builds on a preliminary agreement the two companies reached a month ago.
Most importantly, this is true validation of Intel's foundry business. This is critically important if Intel's turnaround plan is going to succeed in the long term. The turnaround thus far has been quite successful. The stock has increased more than 260% since the start of the year. The leadership of Lip-Bu Tan, who took over as CEO in 2025, and an investment from the federal government have given Intel a fresh start and a major boost.
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For some, it may indeed be too late to buy the stock based on its current valuation metrics. Intel's forward P/E ratio has exploded to 153, and its trailing P/E is more than 900. There's no room for error right now.
Those who are bullish on Intel believe there's still plenty of room to run. If we're valuing Intel more like a true foundry and comparing it to competitors such as Taiwan Semiconductor Manufacturing, then Intel isn't overvalued at all.
If Intel can continue to expand its foundry business and truly compete with TSMC, then it's not too late to buy. The Apple partnership helps, but Intel can't stop there; it must continue diversifying its customer base within its foundry business.
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Catie Hogan has positions in Apple. The Motley Fool has positions in and recommends Apple, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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