Intel (NASDAQ: INTC) is making a comeback after a tough stretch, with its newest manufacturing process, 18A, now shipping in real products. The U.S. government, Nvidia, and SoftBank collectively invested roughly $15.9 billion in Intel common stock in 2025, signaling confidence in the company's turnaround. Intel also raised an additional $20 billion through a stock offering in August 2026, though this diluted existing shareholders.
The company's newest Arizona fab is producing its Core Ultra Series 3 chips, known as Panther Lake, built on the 18A process, which Intel claims is the most advanced semiconductor process developed and manufactured in the United States. Intel is also working on the next node, 18A-P, and has launched its first server chip, Xeon 6+, built on 18A.
The significant investments from the U.S. government, Nvidia, and SoftBank suggest belief in Intel's potential, despite past struggles. The government invested $8.9 billion, Nvidia added $5 billion, and SoftBank contributed $2 billion. However, Intel's stock offering at $95 a share diluted existing shareholders, spreading future profits more thinly.
Looking ahead, the stock's performance will depend on the success of Panther Lake and the 18A process. If these products ramp up as expected, Intel shares could trade between $110 and $130 by the end of 2027. Conversely, if the ramp stumbles, shares might fall to the high $60s or low $80s. The investments from well-informed parties like the government and Nvidia lean toward a more optimistic outlook.