Intel Corp Intel (INTC) shares are sliding on Friday as investors trim exposure to big tech names. The move is part of a broader risk-off vibe hitting the semiconductor sector, with Nasdaq futures down 0.36% and S&P 500 futures off 0.07%.

Before you panic, consider this: Intel stock is still up a whopping 372% over the past 12 months. Friday's dip looks more like profit-taking and de-risking than a change in the company's story. The stock was at $109.42 in premarket, down 2.77%.

What Drove the Sector Higher Before This?

Thursday was a good day for chip stocks. Shares of foundry and fab companies rallied after reports that Meta Platforms Inc Meta (META) plans to double its in-house compute capacity to 14 gigawatts next year. That's a lot of chips. Separately, Micron Technology Inc Micron (MU) announced it would boost its U.S. investments to over $250 billion through 2035. Those headlines gave the sector a nice lift—until Friday's reversal.

Intel's Q2 Earnings Are Coming

Intel is set to report second-quarter results on July 23. Analysts are looking for earnings per share of $0.19 and revenue of $14.40 billion. That's the next big catalyst for the stock, and traders will be watching closely to see if the company can deliver on its turnaround promises.

Where Intel Stock Stands Technically

At $110.58, Intel is trading 11.4% below its 20-day moving average of $124.44 and 5.4% below its 50-day SMA of $116.50. On the bright side, it's still 31% above the 100-day SMA ($84.15) and 77.6% above the 200-day SMA ($62.06). The relative strength index (RSI) sits at 45.25, which is neutral—not oversold, not overbought.

The longer-term trend is still constructive. The 20-day SMA is above the 50-day SMA, and there's a golden cross (50-day above 200-day) that formed back in August 2025. But with the stock now below the 50-day SMA and slightly under the 50-day EMA ($110.96), bulls will want to see a quick bounce back above those levels to argue this is just a pause.

Here are the key levels to watch:

• Resistance: $126.50 — a ceiling where rebounds have stalled recently.
• Support: $102.50 — a floor that could attract buyers if the weakness continues.

For now, Intel's Friday slide looks like a healthy breather in a massive uptrend. The real test comes with earnings later this month.