Intel processes over 1 million wafers using ASML's latest lithography technology

Intel's foundry business is advancing its next-generation chip manufacturing capabilities, with the company focused on improving production efficiency to support increasingly complex processors and AI chips.

Intel and ASML highlighted further progress in bringing high-NA EUV lithography to high-volume manufacturing and preparing for broader adoption.

Intel processes over 1 million wafers with High NA technology

Intel's foundry business said it has processed more than 1 million wafers using High NA technology across equipment qualification, testing, R&D, and high-volume manufacturing.

The company uses High NA technology on specific layers of some Intel Core Ultra 3 series processors under the Panther Lake code name. Intel said overlay accuracy, throughput, and equipment availability all met expectations.

Products manufactured with Intel 18A process technology and High NA on specific layers have achieved performance equal to or better than comparable layers produced on ASML's existing NXE EUV platform.

ASML CEO Christophe Fouquet highlighted Intel's early adoption of the technology.

Pushing for larger mask sizes to enable future scaling

Intel said customers can currently use High NA technology on existing 6-inch mask formats, either through design within the exposure field or by using Intel foundry's stitching and design-for-stitching solutions.

Meanwhile, Intel has spent more than three years supporting the transition to larger 6x12-inch mask formats. The company is working with ASML, mask manufacturers, automation suppliers, EDA vendors, materials suppliers, and other chipmakers to establish the required standards and infrastructure.

Intel Executive Vice President and General Manager of Foundry Services Naga Chandrasekaran said future AI products will require manufacturing technologies that are both production-ready and customer-accessible.

Analyst says Intel financing is strategically positive

KKM Financial founder Jeff Kilburg said Intel's financing supports AI demand without adding pressure to its balance sheet or credit rating, creating a buying opportunity.

He said the offering is strategically significant and expects investors to ultimately embrace the move. Tech investor Dan Niles said Intel expanded the financing to $20 billion, reinforcing his view that the company may soon win major foundry customers requiring additional capacity.

Stock performance and technical analysis

Intel shares rose more than 3% in premarket trading Tuesday. The stock is attempting to rebound from its decline since the summer highs. Nasdaq futures were down 0.05%, while S&P 500 futures fell 0.31%.

Intel's long-term trend remains strong despite recent weakness in short-term momentum.

The stock is currently trading 33.2% above its 200-day simple moving average. However, it is 1.8% below its 50-day moving average and 4.9% below its 100-day moving average.

Meanwhile, Intel's relative strength index stands at 50.33, indicating neutral momentum — the stock is neither overbought nor oversold.

The 20-day moving average remains below the 50-day moving average, signaling short-term weakness. However, the 50-day moving average remains above the 200-day moving average, supporting the long-term bullish trend.

Traders may be watching whether Intel can reclaim its 50-day and 100-day moving averages. A breakout above these levels could add further upside momentum.

Key resistance sits near $107.50, with support around $89.50.

Analyst outlook

Intel has a consensus rating of "Hold" with an average price target of $110.85.

Mizuho maintained a "Neutral" rating on September 4 and cut its price target to $92. BofA Securities maintained a "Buy" rating on August 12 and cut its price target to $145. UBS maintained a "Neutral" rating on the same day and cut its price target to $112.

Major ETF holdings

iShares Semiconductor ETF: 5.53% weight.

SPDR NYSE Technology ETF: 5.86% weight.

FANG & Innovation ETF: 6.50% weight.

Given INTC's significant weight in these funds, any notable inflows or outflows could trigger automatic buying or selling of the stock.

Price action

Intel shares rose 3.29% in premarket trading Tuesday to $98.95.