Intel rises after report company remains involved in Musk's Terafab

Intel

07/10/2026 12:07

Updates
** Chipmaker Intel's INTC.O shares rose 0.84% to $113.45 premarket, attempting a recovery following a four-day slide
** INTC CEO Lip-Bu Tan tells Bloomberg News co will continue working on Elon Musk's Terafab chipmaking venture
** Report comes days after Musk said TSMC 2330.TW and Terafab had held discussions over potential cooperation
** Terafab is Elon Musk's planned chipmaking facility to produce AI chips for Tesla TSLA.O and SpaceX SPCX.O
** On Saturday, Musk said the talks were still preliminary, adding that something could come of them
** However, on Wednesday, he said TSMC won't run the Terafab AI chip complex
** Intel and Tesla did not immediately respond to Reuters requests for comment outside regular business hours
** As of last close, INTC up more than threefold YTD
** Stock has lost 6.4% over last four sessions
** Meanwhile, other major chipmakers fall, with Nvidia NVDA.O and AMD AMD.O down 0.6% and 1.8%, respectively

 (Reporting by Jayasree Prabhu)
 ((jayasree.prabhu@thomsonreuters.com))