Intel Corp (INTC)

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The tale will be told by the Q3 guide. If Intel can still hit normal-ish seasonality (i.e. Q3 and Q4 up sequentially about 2% each), then a valuation of $32/share can be fairly easily justified.

If this is a one-time blip and Q3 and Q4 are flattish to Q2, then I would expect the stock to remain fairly stagnant from these levels or even possibly retreat.