Intel shares advanced 4% to approximately $120 on Wednesday as semiconductor stocks benefited from broad technology-sector gains and reports of a potential partnership involving the company’s Arizona manufacturing facilities. The arrangement could share production responsibilities and capital spending, but reported mandatory production volumes and inventory restrictions may limit flexibility if demand falls short. Intel Foundry revenue grew 31% year over year in the second quarter, the strongest increase among tracked non-memory semiconductor manufacturers, while Google selected Intel’s EMIB-T packaging technology for a next-generation tensor processing unit. Intel’s July 23 quarterly results also exceeded consensus, with earnings per share of 42 cents versus 21 cents expected and revenue of $16.13 billion versus a $14.43 billion forecast. The foundry business remains loss-making, and analyst sentiment is still centered on Hold ratings despite the stock’s roughly 256% 12-month gain. Price targets range widely, with averages of $114 from Benzinga and about $108 from MarketBeat, both below the current share price.