Intel gives back some of its rally

Rally hangover

Intel spent Thursday acting like the person who goes a little too hard at brunch and needs to sit down for a minute. The stock fell about 4.6% after ripping more than 10% higher on Tuesday, as traders locked in gains and the whole semiconductor group caught a chill.

The chip trade got the jitters

This wasn’t just an Intel-only mood swing. The Nasdaq slipped, tech was down about 1%, and semis got swept up in a broader risk-off move as geopolitical concerns nudged investors toward the exit.

Analysts still see a turnaround story

Piper Sandler added another voice to the Intel debate on Thursday, starting coverage with a Neutral rating and a $110 price target. That comes right after Northland Securities upgraded Intel earlier in the week, so the stock is still living in analyst whiplash territory.

• Intel is still up sharply from its recent lows, which makes pullbacks like this less shocking.
• The stock remains above its 20-day, 50-day, and 200-day moving averages, so the longer-term trend isn’t broken.
• But it’s also sitting below its 100-day line, which is the kind of technical cross-current traders love to argue about.

Big picture: Intel is still a turnaround bet, not a finished victory lap. When the market gets shaky, that kind of story can wobble fast.