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Traders are betting on some big moves for Intel's stock that could extend its record-setting rally.

Earnings strength is a surprise "not only to me, but to markets," says Ted Weisberg. He outlines what he calls a "terrific" earnings season and the crossroads the market now faces with a growing importance on geopolitical impacts.

Shares of Intel (INTC) rose on Monday amid growing optimism that the chipmaker could secure a significant new customer for its semiconductor packaging technology, strengthening investor confidence in the company's foundry ambitions. Intel stock climbed 3% to $128.76 in afternoon trading, extending a remarkable rally that has seen the shares surge more than 225% this year.

The great Trump bull market continues despite all the things that had investors running for the hills just over one month ago.

Apple Inc (NASDAQ:AAPL, XETRA:APC) and Intel Corp (NASDAQ:INTC, XETRA:INL) have reportedly reached a preliminary chipmaking agreement that Wedbush analysts see as “a clear positive for Intel,” while also raising questions about what it signals for Intel's next-generation manufacturing roadmap. The Wall Street Journal reported last week that Apple and Intel have reached a preliminary agreement under which Intel would manufacture some chips used in Apple devices.

The company is reportedly working with South Korea's SK Hynix on new chip-packaging technology.

Investors continue to cheer Intel Corp (NASDAQ: INTC) following reports of its preliminary chip manufacturing agreement with Apple Inc (NASDAQ: AAPL). This marks a seismic shift for Intel Foundry – suggesting the semiconductor giant is about to sign on a high-volume, high-profile mobile customer it has chased for years.