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Intel fell 5.34% on October 8 in an AI-driven chip selloff, with no company news behind it. Its CFO has already said Intel won’t name its foundry customers, so October 29’s revenue and spending figures carry the weight.
Intel (INTC) shares tumbled in midday trade on Thursday, hitting a two-month low, despite two positive developments – an expanded AI partnership with Google Cloud (GOOGL) and a price target hike by Susquehanna.
Rising Treasury yields and surging oil prices are hammering chip stocks, but Intel is falling harder than NVIDIA and AMD combined, and a looming question about its role in Elon Musk's Terafab project may be making things worse.