Breaking: Intel Corporation (INTC) Surge 8.6% Set for $70 Move

The price of Intel Corporation (NASDAQ: INTC) saw a noteworthy uptick of 8% in Tuesday's extended trading session breaking out of the ceiling of a symmetrical triangle- eyeing the $70 resistant amidst increase in bullish sentiment.

The rise came as the S&P 500 and the Nasdaq Composite jumped 0.2% and 0.5%, respectively.

Intel's stock continued to climb tod, driven by Friday's unconfirmed report that the chipmaker is set to begin manufacturing semiconductors for Apple's MacBook Air and iPad Pro.

If the report is confirmed, it would be a massive win for the embattled chipmaker. Intel once dominated the semiconductor industry with its efficient CPUs, but it has fallen behind in the era of artificial intelligence (AI), a technology that is powered primarily by GPUs. A vote of confidence from Apple would go a long way in aiding the company's turnaround efforts.

About INTC
Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Intel Products, Intel Foundry, and All Other segments. The company offers microprocessor and chipset, stand-alone SoC, and multichip package; Computer Systems and Devices; hardware products comprising CPUs, graphics processing units (GPUs), accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.