Intel (INTC) shares climbed more than 4% in premarket trading on Tuesday, reaching approximately $98.95, after a 4% gain in the previous session. The semiconductor company has now risen more than 10% across three consecutive trading sessions.

The rally followed an announcement from Intel Foundry and ASML detailing a significant milestone in High-NA Extreme Ultraviolet (EUV) lithography technology. Intel confirmed it has processed more than one million wafers using the advanced technology across testing phases, research and development, and full-scale production. The milestone is notable because High-NA EUV tools remain scarce and expensive — each ASML EXE system carries a price tag of roughly $350 million to $400 million — and Intel was the first chipmaker to receive one, giving it an early, publicly documented production record on the platform.

High-NA EUV on the 18A Process

High-NA EUV is an advanced chipmaking method designed to produce increasingly sophisticated processors and artificial intelligence chips. The "High-NA" designation refers to the system's higher numerical aperture (0.55 versus 0.33 on standard EUV), which enables finer feature resolution for future chip generations. Intel has integrated the technology into specific layers of its 18A manufacturing process, which underpins the forthcoming Panther Lake processor lineup.

According to the company, key metrics — including overlay precision, production throughput, and equipment uptime — are all meeting target benchmarks. Chips manufactured on Intel 18A using High-NA EUV are delivering performance equal to or better than comparable layers produced with ASML's conventional NXE EUV systems.

ASML CEO Christophe Fouquet described Intel as "one of the key leaders" in adopting High-NA EUV technology. Intel deployed the industry's first commercial ASML EXE High-NA system in 2024 and has since moved it into full production.

The stock also drew unusual attention on Monday when President Trump shared an AI-generated image on Truth Social depicting a hypothetical Intel purchase at $20 alongside a current price of $95, asserting that his administration's policies have created "Hundreds of Billions of Dollars" in value for Americans through equities and other investments.

Mask Infrastructure and Scaling Roadmap

Intel and ASML are collaborating to keep High-NA EUV compatible with the semiconductor industry's standard 6-inch photomasks. Customers can design within conventional mask dimensions or use Intel Foundry's proprietary stitching capabilities. Keeping the standard mask format matters to the broader industry because moving to larger masks would require costly retooling across mask makers, EDA vendors, and chip designers — which is why the ecosystem coordination described below is significant.

Intel has spent more than three years developing pathways to larger 6×12-inch photomasks to enable next-generation chip scaling. The effort involves coordination with ASML, mask suppliers, electronic design automation partners, and materials vendors to build the required manufacturing ecosystem.

Intel EVP and Foundry Co-General Manager Naga Chandrasekaran emphasized that tomorrow's AI products require manufacturing capabilities that are production-proven and customer-friendly.

Wall Street Ratings and Technical Levels

Intel holds a consensus Hold rating from Wall Street analysts, based on five Buy, 24 Hold, and two Sell ratings issued over the past three months. The mean price target stands at $116.16, implying roughly 21% upside from current trading levels. The predominantly Hold-weighted mix reflects the analyst community's ongoing split between Intel's foundry turnaround potential and the competitive pressures it faces from market leader TSMC, which continues to invest in its own next-generation lithography roadmap.

Among recent analyst actions, Mizuho reaffirmed a Neutral stance on September 4 while cutting its price target to $92. Bank of America maintained a Buy rating on August 12 with a $145 target. UBS kept a Neutral rating with a $112 price objective.

On the technical side, Intel is trading 33% above its 200-day moving average of $74.15. The stock sits slightly below its 50-day simple moving average of $100.61 and its 100-day SMA of $103.86. The relative strength index reads 50.33, indicating neutral momentum. Primary resistance is near $107.50, with support around $89.50.

Technology investor Dan Niles noted that Intel's expanded $20 billion capital raise reinforces his view that the company may be securing major foundry customer contracts that would require additional manufacturing capacity. For readers tracking the story going forward, the concrete milestones to watch include the commercial launch of Panther Lake on Intel 18A and any disclosure of named external foundry customers committing to Intel's advanced nodes.