🔴 INTC is trading 3.2% down today on profit-taking after massive rally fueled by Apple foundry talks

INTC is trading at $109.27 (-3.2%) in pre-market, pulling back as investors take profits following a massive rally earlier in the week.

• The stock surged dramatically after a Bloomberg report on May 5th revealed that Apple is in early-stage talks with Intel to potentially use its foundry services for chip manufacturing in the U.S. [1, 17].
• This news, a major validation of Intel's foundry strategy, sent shares soaring 12.9% on May 5 and another 4.5% on May 6 [6].
• The current decline appears to be driven by profit-taking after the stock reached an all-time high, with broader market futures flat [1, 3].