Intel is Now Pricier Than TSMC: That Makes No Sense

Intel’s stock price has more than doubled in the past five months, since President Donald Trump announced the U.S. government would buy a 10% stake in the ailing chip manufacturer, followed by similar investments from SoftBank and Nvidia. Investors are betting the new capital, coupled with a surge in AI demand, will help resuscitate the company.

Those expectations will collide with reality when Intel reports fourth-quarter earnings late this afternoon, either making or breaking the rally. Intel bears say the stock has moved way too high, setting it up for a big sell-off on Friday morning—particularly if the company’s outlook for 2026 disappoints.