TLDR
- Intel stock fell nearly 5% in Tuesday’s premarket, driven by broader market selling rather than any Intel-specific news.
- The PHLX Semiconductor Index entered a new bull market after rising 21% from its July 29 low, exiting bear market territory in just 21 days.
- Rising bond yields and oil prices triggered the Tuesday pullback, with the 30-year Treasury yield hitting a 19-year high of 5.310%.
- Bank of America holds a Buy rating on Intel with a $145 price target, projecting Intel Foundry revenue could reach nearly $40 billion by 2030.
- Intel carries a Hold consensus rating from 50 analysts, with an average price target of $110.
Intel Corp (INTC) stock dropped nearly 5% in Tuesday’s premarket session, trading at $98.69, as a broader selloff hit technology and chip stocks hard.
The decline is not linked to any Intel-specific news. Nasdaq futures were down 1.24% while S&P 500 futures slipped 0.41%, with investors pulling back from higher-risk names ahead of the open.
The pressure came from rising bond yields and oil prices. The 30-year U.S. Treasury yield settled at a 19-year high of 5.310% and was climbing again to 5.320% early Tuesday.
Intel was not alone. Marvell (MRVL) and Coherent (COHR) were both down more than 6% in premarket trading. Micron (MU) fell more than 4% as well.
The timing is a little ironic. The PHLX Semiconductor Index, SOX, closed in a new bull market on Monday after surging 21% from its July 29 low. That exit from bear market territory took just 21 days, the fastest since March 2020 and well below the historical average of 54 days.
Intel itself had climbed 26% during that run, while Micron jumped 37% and Nvidia gained 18%. The unexpected standout was Credo Technology, up 59% over that stretch.
Tuesday looks like a rough start to life in the new bull market.
Bank of America Stays Bullish on Foundry Strategy
Despite the pullback, Bank of America remains positive on Intel’s longer-term direction. Analyst Vivek Arya said Intel’s roughly $20 billion equity raise signals management confidence in internal demand and interest from external foundry customers.
The firm sees Intel capturing 8% to 10% of a roughly $380 billion wafer foundry market by 2030. It projects Intel Foundry revenue growing from around $1.1 billion in 2026 to nearly $40 billion by 2030. Bank of America cut its price target to $145 from $160 on August 12, but kept its Buy rating.
UBS moved its target down to $112 on the same day, keeping a Neutral stance.
Technical Picture
Intel is trading 40.2% above its 200-day simple moving average of $70.45, which supports the longer-term trend. But it sits 9.6% below its 50-day SMA of $109.24, pointing to near-term softness.
The 20-day SMA of $97.15 is running below the 50-day SMA, another sign of short-term weakness. The relative strength index sits at a neutral 52.50.
Key support to watch is at $89.50, where buyers have stepped in before.
Intel holds a Hold consensus across 50 analysts, with an average price target of $110. Forecasts range from $71 to $155.
Intel’s Benzinga Edge Momentum score sits at 98.66, reflecting the stock’s strong run before Tuesday’s premarket slide.
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