Intel Corp. (NASDAQ:INTC) stock is surging on Thursday, lifted primarily by a broader semiconductor sector rally that followed strong financial results from NVIDIA Corporation (NASDAQ:NVDA).

The Nasdaq is up 1.20% while the S&P 500 has gained 0.55%.

Semiconductor Rally Sparked by Nvidia Beat

Nvidia reported its second-quarter financial results Wednesday after the market close. The semiconductor designer posted revenue of $96.22 billion, representing a 106% year-over-year increase.

This revenue total surpassed the Street consensus estimate of $92.18 billion. Adjusted EPS of $2.22 also beat the $2.10 estimate.

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Nvidia guided third-quarter revenue to between $105.84 billion and $110.16 billion and ended the quarter with $99.0 billion remaining under its share repurchase authorization.

Proposed Tariff Discussions

Separately, eight people familiar with discussions told POLITICO that the Trump administration is weighing a new round of sweeping tariffs on semiconductors.

One tariff approach under consideration would expand the tech products subject to duties, hitting chips as well as laptops, gaming consoles, and data center servers, the people said.

Four of the people noted Commerce Secretary Howard Lutnick favors a structure tying foreign companies’ tariff relief to U.S. chip manufacturing investments to boost domestic production.

Technical Analysis

Even with today’s bounce, Intel is still in a shorter-term downtrend: the stock is trading 7.3% below its 20-day SMA ($95.73) and 15.9% below its 50-day SMA ($105.48), which keeps overhead supply in focus on rallies. At the same time, it remains 22.3% above its 200-day SMA ($72.51), so the longer-term trend still looks constructive despite the mid-year drawdown.

The 20-day SMA sitting below the 50-day SMA is a bearish crossover that often shows the market is still "working off" a prior run, and it fits with the break below support that showed up in July.

The June swing high (which also marked the 52-week high at $142.35) and the July swing low frame the current range traders are watching, with price trying to stabilize in the middle of that reset.

INTC Stock Price Activity: Intel shares were up 3.30% at $91.95 at the time of publication on Thursday, according to Benzinga Pro data.

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