Intel was recently trading at 49x its expected earnings, versus a five-year average forward P/E of 36, suggesting it might be overvalued, per LSEG data.
Intel is up about 163.3% year to date, far outpacing an 11.8% rise in the Nasdaq .IXIC.
Intel shares give back some premarket gains
Intel INTC.O shares were up 3.4% at $100.41 in premarket trading, but pared earlier gains after SK Hynix 000660.KS, SKHY.O said no plans were confirmed regarding talks with Intel to make memory chips in the U.S.
Intel shares had gained as much as 5.2% following a Reuters report that SK Hynix was in talks with the company for a deal on memory chip production.
SK Hynix says no specific plans have been finalized
SK Hynix was up 3%.
The company said it is exploring options to strengthen global competitiveness, but no specific plans or arrangements have been finalized.
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