Intel ($INTC) closed at $140.94 on June 22, a fresh all-time high. That is roughly +570% from a year ago, more than six times the price. A stock that briefly fell to $19 within the past year carried a market value of around $700 billion at that June 22 close, pushing Intel beyond its dot-com-era peak. Everyone says Intel is back. That is fair enough, but if you look closely at what brought it back, the company’s single largest opportunity is still sitting outside all the cheering.