NEW YORK, July 2, 2026, 06:01 (EDT)
- Intel Corporation NASDAQ:INTC ended Wednesday at $127.02, dropping 9.03%. The PHLX Semiconductor Index slid 6.27%.
- Intel said this week it’s set to post Q2 results after the close on July 23.
- Intel’s market cap was around $645.6 billion at the latest quote, which is about 11.3 times the annualized midpoint of its Q2 revenue guidance.
- Nasdaq will be closed on Friday, July 3, for the Independence Day holiday. Thursday will be the last trading day for U.S. stocks before the break.
Intel Corporation NASDAQ:INTC goes into its July earnings priced more as a foundry and AI rebound play than as an earnings trade for the quarter.
Intel shares finished Wednesday at $127.02, down 9.03%, trading around 110.8 million shares. The decline erased Tuesday’s 6.01% jump and put the stock 3.6% under Monday’s close, a smaller two-day move than the Wednesday fall alone. Historical data had Intel at $139.63 on June 30 and $127.02 on July 1.
| Market gauge | Latest referenced move | Read for Intel |
|---|---|---|
| Intel NASDAQ:INTC | $127.02, off 9.03% on July 1 | Intel slid harder than the chip sector |
| PHLX Semiconductor Index | 13,353.28, fell 6.27% on July 1 | Selling swept across the group |
| Nasdaq Composite | 26,040.03, lost 0.66% on July 1 | Overall tech losses were less steep |
The PHLX Semiconductor Index dropped 6.27% to 13,353.28. The Nasdaq Composite lost 0.66% to close at 26,040.03. That’s a big difference. Intel’s move wasn’t only about index beta—it was a sharper adjustment in a stock that already traded at a recovery premium. MarketWatch
Intel carried a market cap of $645.6 billion as of the latest quote. The stock trades at about 11.3 times the annualized midpoint of Intel’s second-quarter revenue outlook, which runs $13.8 billion to $14.8 billion. That’s where the market is set ahead of the July 23 report.
| Intel metric | Latest data | Why investors care |
|---|---|---|
| Latest quoted price | $127.02 | Price is still close to Wednesday’s finish after dropping 9% |
| Market value | $645.6 billion | Not much room for disappointment in Q2 numbers |
| Q2 revenue guide | $13.8 bln-$14.8 bln | Annualized midpoint works out to $57.2 bln |
| Price-to-Q2 run-rate sales | About 11.3x | Market is already factoring in future foundry and AI potential |
Intel has put its Q2 earnings date on July 23, after markets close, with the call at 2 p.m. PDT. The report is set to be the next test for the stock’s rally versus results.
The main divide is internal. Intel Products brought in $12.779 billion in revenue and $4.058 billion in operating income for Q1. Intel Foundry had $5.421 billion in revenue but booked a $2.437 billion operating loss. The stock trades on the foundry angle, but it’s the products side generating the cash.
Intel CEO Lip-Bu Tan said back in April, “the next wave of AI will bring intelligence closer to the end user,” linking that to more demand for Intel CPUs, wafers and advanced packaging. That’s the story bulls are buying into, even though profits aren’t clear yet. Intel
Markets aren’t getting a lift from the broader tape. Reuters said Thursday that Nasdaq 100 futures slipped 0.24% as of 5:00 a.m. ET, with premarket trading showing several chip stocks down. The report cited Deutsche Bank analysts led by Jim Reid: “Markets have had a rocky start so far to Q3.” Reuters
Markets are waiting for the labor report out Thursday. Reuters reported economists expect payrolls to rise by 110,000 in June, down from a 172,000 gain in May. Julien Lafargue, chief market strategist at Barclays Private Bank, said markets will probably focus more on the June CPI report coming July 14.
Nasdaq says U.S. stock markets will close Friday, July 3, to observe Independence Day. That means Intel’s next full trading day before the three-day holiday break will line up with jobs numbers out that Friday.
