NEW YORK, Jan 29, 2026, 09:46 ET — Regular session
- Intel shares dropped roughly 2.5%, slipping back after surging about 11% the previous day on reports of possible foundry projects in 2028
- Intel CFO David Zinsner purchased 5,882 shares on Jan. 26, according to a filing
- Chip sentiment held strong following ASML’s record-breaking quarterly bookings, with traders now focused on Friday’s inflation data
Intel shares fell 2.5% in early trading Thursday, retreating from a strong rally the day before. The jump had been driven by rumors connecting the chipmaker to possible manufacturing deals with Nvidia and Apple. 1
The pullback is significant as Intel aims to show its contract chipmaking unit can attract outside business, and even a slight suggestion of success can move the stock. The talk coincided with investors parsing positive cues from chip equipment maker ASML, a key indicator of industry investment. 2
At 9:46 a.m. ET, Intel was trading at $47.54. Chip ETFs edged up, AMD gained, Nvidia held steady, and U.S.-listed TSMC shares fell slightly.
DigiTimes reported Wednesday that Nvidia and Apple will collaborate with Intel on segments of Nvidia’s 2028 “Feynman” platform. The partnership is described as a limited production run, with the main volume still handled by Taiwan Semiconductor Manufacturing. 2
The report projects revenue effects years down the line, and any changes would probably begin modestly. Yet investors wasted no time in adjusting Intel’s valuation, spurred by hints it might finally put its fabs to work for outside clients after years of lagging behind competitors.
Intel CFO David Zinsner picked up 5,882 shares on Jan. 26, paying $42.50 each, per a Form 4 filed the next day. 3
ASML revealed fourth-quarter net bookings hitting 13.2 billion euros on Wednesday and projected sales between 34 billion and 39 billion euros for 2026. The numbers underline ongoing appetite for advanced chips. (Bookings represent new orders that often signal upcoming revenue for both equipment makers and chip manufacturers.) 4
Intel’s near-term outlook remains mixed. The company projected first-quarter revenue between $11.7 billion and $12.7 billion last week, with non-GAAP earnings per share expected to hit $0.00. It also highlighted supply constraints extending into early 2026. 5
Several analysts caution that the stock’s recent volatility is outpacing the underlying fundamentals. “The rally had been largely driven by ‘the dream’ rather than the near-term reality or fundamentals,” TD Cowen analysts said in a Jan. 23 note reported by Reuters. 6
The risk for bulls is clear: the reported foundry business either fails to scale or remains stuck in niche runs, even as Intel pours money into catching up on manufacturing and packaging. Any slip in execution would leave the stock relying once more on hope.
Macro factors remain in play following the Federal Reserve’s decision to keep rates unchanged on Wednesday. Investors are on edge about inflation data, which could sway both bond yields and tech stock valuations. 7
Traders will be looking closely for new company or customer updates that might confirm the foundry speculation. Attention also turns to Friday’s U.S. producer price index, set for release at 8:30 a.m. ET on Jan. 30, which could offer clues on rate expectations. 8
