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Intel’s new party trick: being everybody’s foundry
Intel’s back in the “maybe this turnaround is real” conversation. Melius Research kept the stock at Buy and set a $165 price target, but analyst Ben Reitzes went a step further: if Intel lands enough foundry business and keeps product earnings humming, he thinks the stock could double to $200 over the next two years.
That’s a lot of confidence for a company that spent years being the punchline in the chip race. But the pitch is simple: Intel stops being just a CPU maker and becomes the chip plant a bunch of big names want to use.
The Apple-Tesla-AI wish list
Reitzes pointed to Intel’s 14A manufacturing node as the big unlock. In his telling, if Intel lands high-volume manufacturing by 2028 with Apple and Tesla plus another hyperscaler, the stock could start looking a lot richer than Wall Street’s current mood suggests.
He also argued Intel’s product side could help carry the load:
- Strong server CPU pricing
- Better “agentic” CPU attach rates
- A healthier AI PC mix boosting client selling prices
In other words: it’s not just about one moonshot deal. It’s about Intel stacking enough wins that the business starts to look less like a value trap and more like a comeback story.
The Ohio plot thickens
The article also says Intel has been in talks with SK Hynix about making memory chips at its planned Ohio facility, part of the broader U.S. push to bring more semiconductor production home while AI demand keeps ripping.
Intel isn’t confirming the gossip buffet, but it did say it’s committed to Ohio and still pushing ahead on site readiness. SK Hynix, for its part, said nothing has been finalized — which is corporate-speak for “don’t book the ribbon-cutting yet.”
Big picture: the market loves a turnaround — until it doesn’t
Intel’s stock has already ripped this year, and the new bull case is basically Wall Street asking: what if the underdog story keeps working? If foundry deals materialize, the upside math gets a lot more interesting. If not, well, the chip factory fantasy turns back into just that: a fantasy.