Intel Corp. (Intel (INTC)) shares were sliding in premarket trading Thursday, caught in a wave of semiconductor weakness after Broadcom Inc. (Broadcom (AVGO)) delivered an AI outlook that left investors wanting more.

Nasdaq futures were down 1.25%, and the S&P 500 slipped 0.36%. The iShares PHLX SOX Semiconductor Sector Index Fund lost more than 4%.

For Intel, the decline also reflects some profit-taking after a massive rally over the past year. The stock is now trading below key short-term trend indicators, a setup that can encourage additional selling as traders look for stronger support levels.

Broadcom's AI Outlook Weighs

Intel shares dropped more than 4% before the opening bell. The broader selloff followed Broadcom's fiscal second-quarter earnings report. While the company posted strong results, investors were disappointed that it reaffirmed, rather than raised, its long-term AI semiconductor revenue target.

That was enough to spook a market that has been pricing in ever-higher AI spending. When a major player like Broadcom doesn't raise the bar, some traders take it as a signal to cash out.

Intel Technical Analysis

Despite the premarket decline, Intel's long-term trend is still constructive. The stock trades about 25% above its 50-day simple moving average of $86.37, 63% above its 100-day moving average of $66.48, and more than 114% above its 200-day moving average of $50.46. That's a lot of distance between where the stock is and where those longer-term averages sit, suggesting the rally has been powerful.

But near-term momentum has weakened. Shares are about 7% below the 20-day simple moving average of $116.48 and remain under the 20-day exponential moving average of $110.66. The moving average convergence divergence (MACD) indicator is below its signal line, and the histogram is negative. That typically signals that buying pressure is fading and short-term momentum has stalled.

The broader trend remains positive, supported by the golden cross that formed in August 2025, when the 50-day moving average crossed above the 200-day moving average. However, the stock has entered a consolidation phase after hitting a 52-week high of $132.75 in May.

The key support level to watch is $102.50. If that breaks, the risk of a deeper pullback toward the 50-day moving average increases.

Earnings And Analyst Outlook

The next big catalyst for Intel is its estimated earnings report on July 23, 2026. Analysts expect earnings of 19 cents per share, compared with a loss of 10 cents per share a year earlier. Revenue is projected to rise to $14.40 billion from $12.86 billion in the prior-year quarter.

Wall Street currently has a Hold consensus rating on the stock, with an average price forecast of $80.31. Recent analyst actions include:

• Barclays: Equal Weight, price forecast raised to $100 on June 1.
• Wells Fargo: Equal Weight, price forecast raised to $110 on June 1.
• Mizuho: Neutral, price target raised to $128 on June 1.

Those price targets are all below the current premarket price of $107.88, which suggests analysts think the stock has run ahead of fundamentals for now.

Intel Price Action

Intel shares were down 4.29% at $107.88 during premarket trading on Thursday.