A combination of broad market momentum and excitement over recent business developments has pushed Intel’s stock to levels not seen in five years.

Intel funneled billions into the facility, including $500 million it was granted from the US CHIPS Act. Now, Fab 9 and its neighbor, Fab 11X, are critical infrastructure for one of Intel’s quietly fast-growing businesses: advanced chip packaging.

Intel announced a partnership with Elon Musk’s Terafab AI project, a development relevant to advanced chip manufacturing for artificial intelligence. The semiconductor facility in Austin, Texas,

Intel has joined Tesla, SpaceX and xAI's $25B 'Terafab' project, confirming what was already obvious: Tesla isn't actually going to build its own chip fab.

Intel ( INTC +3.07%) stock is moving higher Tuesday despite bearish pressures for the broader market. The semiconductor company's share price was up 2.2% as of 3:15 p.m. ET. Meanwhile, the S&P 500 had fallen 0.7%, and the Nasdaq Composite was off 1%. The stock had been up as much as 4.9% earlier in the day.

Intel (NASDAQ:INTC) stock is surging 8% in Wednesday morning trading, moving from $52.91 to $57. It’s the second consecutive session of sharp gains, as the TeraFab partnership narrative pulls in buyers across retail and institutional desks.

The Elon Musk-led companies plan to work with the semiconductor manufacturer at the Terafab project planned in Texas.

“I welcome Intel’s decision to begin operations for the complex later this year,” a translated version of Ibrahim’s post read. An Intel spokesperson, John Hipsher, confirmed that it’s building out additional chip assembly and test capacity in Penang, “amid rising global demand for Intel Foundry packaging solutions.”