Intel Hands Back Its Apple-Deal Pop as a Third Day of Chip Selling Hits the Most Stretched Name

A 260% Run Into a Tape That Quit Buying

INTC dropped 7.87% over two hours to $129.20, and for once this isn't really an Intel story. It's the third straight session of a broad semiconductor selloff as money rotates out of the AI-chip names that carried the tape all year. On Tuesday the iShares Semiconductor ETF fell 5.39% and Intel slid 7.54% premarket on no company news — "a broad shift away from growth stocks," in Benzinga's framing.

The reason Intel falls hardest is simple: it's the most stretched name in the group. The stock is up roughly 260% year to date and about 459% over the trailing year. When momentum unwinds, the biggest winner has the most profit sitting in it to take.

The Apple Deal Nobody Signed

The level Intel is handing back was manufactured eight days ago. On June 18, President Trump posted on Truth Social that Apple had agreed to build chips with Intel, and the stock ripped roughly 10% to about $134 intraday.

The problem is that neither Apple nor Intel ever confirmed it. Intel would only say it wouldn't comment on "a potential Apple–Intel agreement." So the bounce back toward $135 rested on a political post, not a signed contract — and in a risk-off tape, the speculative premium is the first thing that gets sold.

Goldman Says Neutral, and the Foundry Still Bleeds

The same Thursday the stock sold off, Goldman Sachs initiated coverage at Neutral with a $150 target. Analyst James Schneider credited Intel's foundry optionality and its status as the U.S. chip "champion," but argued AMD and Nvidia offer better revenue visibility and risk/reward at current valuations. A fresh-coverage Neutral on a stock that has tripled is its own signal: the bank declined to chase.

Underneath the sentiment trade, the fundamentals haven't caught up. Intel Foundry is still losing roughly $2.5 billion a quarter, and customers for its 14A node aren't expected until late 2026 or 2027, with revenue not landing until 2028–2029. 24/7 Wall St's model still pegs fair value near $102, well below spot. The traders buying this dip are paying for a narrative — a government stake, Apple, Nvidia DGX CPUs — that hasn't shown up in cash flow yet.