While the broader Dow Jones Industrial Average ($DOWI) is trading at all-time highs, semiconductor giant Intel (INTC) is trailing the broader markets by a wide margin. The tech stock is down 70% from all-time highs after falling close to 58% in 2024.

Shares of Intel are surging before the opening bell after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business.