Intel Corp. shares
INTC,
+2.80%
were up 2.8% in afternoon trading Friday and flirting with their highest close in more than 15 months, according to Dow Jones Market Data. The stock traded as high as $38.99 earlier in the session and recently changed hands at $38.86. A close above $38.86 and below $39.71 would make for the stock’s highest finish since July 28, 2022. Friday’s rally comes on a day of strength for chip stocks, with the PHLX Semiconductor Index
SOX,
+4.04%
up nearly 4%. Earlier Friday, Taiwan Semiconductor Manufacturing Co. Ltd.
TSM,
+6.35%
posted a 34.8% sequential increase in revenue for the month of October in a positive signal for the sector.