Intel Corporation (NASDAQ: INTC) stock fell nearly 2% Thursday as technology stocks weakened amid broader market selling. The Nasdaq declined 0.32%, while the S&P 500 slipped 0.16%.
Meanwhile, Intel will continue working with Elon Musk on his Terafab chipmaking project despite Musk's discussions with rival Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), Bloomberg reported Wednesday, citing Intel CEO Lip-Bu Tan.
Intel joined the project as a development partner in April. However, Musk's talks with Taiwan Semiconductor have raised questions about Intel's role in the venture, which aims to expand advanced chip production to meet growing AI demand.
Intel Stock Pulls Back
Broader market weakness weighed on Intel as investors reduced exposure to technology stocks.
Only three of the 11 S&P 500 sectors advanced, while eight declined. The market's advance-decline ratio stood at 0.4, indicating that declining stocks outnumbered advancing stocks.
Energy led gains, rising 2.61%, followed by consumer staples at 1.24%. Meanwhile, the Russell 2000 fell 0.68%.
Despite Thursday's decline, Intel shares have gained 193.2% over the past 12 months, leaving room for profit-taking following their strong rally.
Technical Analysis
Intel's longer-term technical outlook remains bullish, although short-term momentum has weakened.
The stock trades 32.6% above its 200-day simple moving average (SMA) of $82.70. Its 50-day SMA also remains above the 200-day average, supporting the longer-term uptrend.
However, shares are trading 3.7% below their 20-day SMA of $113.87, signaling weaker near-term momentum.
The relative strength index (RSI) stands at 50.05, indicating neutral momentum rather than overbought or oversold conditions.
Additionally, the 20-day SMA remains above the 50-day average. A move back above the 20-day SMA could strengthen the bullish outlook.
Key resistance stands at $127, while support is near $89.50.
Earnings And Analyst Outlook
Intel is scheduled to report its next quarterly earnings on Oct. 29, 2026.
Analysts expect earnings of 39 cents per share, compared with 23 cents a year earlier. Revenue is projected at $16.41 billion, up from $13.65 billion.
Intel carries a consensus Hold rating, with an average price forecast of $114.85. Recent analyst actions include:
- Mizuho: Raised its price forecast to $114 from an earlier level while maintaining a Neutral rating on Oct. 6.
- TD Cowen: Maintained its Hold rating and $115 price forecast on Sept. 24.
- Tigress Financial: Raised its price forecast to $145 and maintained a Buy rating on Sept. 15.
Intel's Momentum Scorecard
Intel's Edge scorecard shows a bullish Momentum score of 98.5 out of 100.
The strong score reflects Intel's longer-term price performance despite recent weakness.
However, investors will be watching whether the stock can hold its key moving averages as broader market pressure continues.
Top ETF Exposure
Intel has exposure through several semiconductor and technology-focused funds:
- iShares Semiconductor ETF (NASDAQ: SOXX): 5.68% weighting.
- MicroSectors FANG & Innovation 3x Leveraged ETN (NYSE: BULZ): 7.26% weighting.
- Invesco Semiconductors ETF (NYSE: PSI): 5.71% weighting.
Changes in investor demand for these funds could influence trading in Intel shares. However, the impact depends on fund flows, portfolio rebalancing and trading activity.
INTC Stock Price Action
INTC Stock Price Activity: Intel shares were down 1.82% at $111.06 at the time of publication on Thursday, according to market data.
