an intermediate is a chemical structure which exists for some amount of time during a chemical reaction, but is neither a reactant or product. if you do tricky experiments you can slow down or stop a rxn at a certain point and isolate the intermediate. intermediates are more stable than either the transition state forming it or the transition state getting rid of it, so they are troughs between two peaks on an energy diagram.
a transition state is the chemical structure as it occurs between intermediates. usually, one bond half formed / the other half broken. the difference is that transition states can't be isolated and are really never stable.
on one of those energy diagrams, peaks are typically transition states and troughs within a rxn are intermediates. below (if it comes out) the two peaks are transition states and the trough in between them is an intermediate...
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