Intel reports Q2 2026 earnings on July 23 after market close. The semiconductor giant’s stock has climbed roughly 200% year-to-date and more than 400% over the past 12 months, a run fueled almost entirely by AI chip demand and a revitalized foundry strategy.
The Google deal changed the game
The biggest catalyst behind Intel’s recent surge was a blockbuster order from Alphabet’s Google. On June 8, Google placed an order for more than 3 million specialized AI tensor processing units for production in 2028. Intel shares jumped over 13% in premarket trading on the news alone.
The deal represents something Intel badly needed: proof that its foundry business can compete without leaning on TSMC. For years, Intel’s manufacturing capabilities were seen as a generation behind the Taiwanese chipmaker. The Google contract signals that at least one hyperscaler believes Intel has closed the gap enough to bet billions on its production lines.
Chipmakers are carrying the S&P 500
