NEW YORK, July 3, 2026, 05:05 EDT
- U.S. equity markets are shut Friday for the Independence Day holiday.
- Intel ended Thursday down 5.25% at $120.35, posting back-to-back losses.
- Shares are down 15.45% from the June 30 peak of $142.35, which wipes out about $112 billion in paper value, based on Intel’s Q1 share count.
- Intel is set to post Q2 earnings after the bell on July 23.
Intel Corporation NASDAQ:INTC heads into the new trading week facing more than just Thursday’s 5.25% slide. Since its June 30 high, the stock has lost around $112 billion in market cap, wiping out much of the value gained on hopes for a faster server CPU cycle and foundry business shift.
U.S. markets are closed Friday. Nasdaq’s 2026 schedule puts July 3 down as a holiday for Independence Day, so no trading. Regular hours for Nasdaq are 9:30 a.m. to 4 p.m. ET on trading days. Markets reopen Monday, July 6.
Intel (INTC) finished Thursday at $120.35, down from Wednesday’s $127.02 close. Shares traded between $117.63 and $130.74 during the session. The stock’s 52-week high is $142.35. Its Q1 filing put weighted average common shares at 5.083 billion.
| Intel price move | Price input | Equity-value change, approx. |
|---|---|---|
| Closed Thursday down | $127.02 to $120.35 | -$33.9 bln |
| Traded between these prices Thursday | $117.63 to $130.74 | $66.6 bln |
| From June 30 high to Thursday’s close | $142.35 to $120.35 | -$111.8 bln |
That’s important since a $1 swing in Intel now equals about $5.1 billion in market cap. With so many shares out and the stock now ahead of its earnings, even a typical chip-stock drop wipes out tens of billions in equity value.
The short week wasn’t just about Intel. The PHLX Semiconductor Index dropped to 12,626.22 on July 2 from 13,203.57 on June 26, a 4.4% slide per FRED data via Nasdaq. Intel shares slid 6.2% in the same stretch, based on Yahoo Finance’s June 26 close and Thursday’s $120.35 finish.
| Short week to July 2 | June 26 close | July 2 close | Change |
|---|---|---|---|
| Intel Corporation NASDAQ:INTC | $128.32 | $120.35 | -6.2% |
| PHLX Semiconductor Index | 13,203.57 | 12,626.22 | -4.4% |
Stocks were mixed. The Dow Jones Industrial Average closed at a record 52,900.07, up 1.14% Thursday, according to Reuters. The Nasdaq Composite dropped 0.80% as chips tumbled, with the semiconductor index down 5.4%.
Intel shares dropped even as HSBC Holdings plc NYSE:HSBC raised its price target for the stock to $200 from $100 and stayed at Buy. HSBC’s Frank Lee added Intel Foundry into his sum-of-the-parts calculation, bumped his 2026 server CPU growth forecast to 25% from 20%, and now sees 2027 data center and AI revenue coming in 20% higher than consensus.
“Intel is well positioned to deliver upside to 2026/27 server CPU shipments, driven by internal foundry capacity reallocation,” Lee wrote in a note quoted by Invezz. Invezz
Investors seem to be waiting to see how much of Intel’s story is already priced in before new numbers hit. For the first quarter, Intel reported Data Center and AI revenue up 22% to $5.1 billion, and Intel Foundry jumped 16% to $5.4 billion. Intel guided for second-quarter revenue between $13.8 billion and $14.8 billion, and projected non-GAAP EPS at $0.20.
Intel CEO Lip-Bu Tan said in April the move from basic AI models to inference and agentic AI was “significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.” CFO David Zinsner said the company was still focused on “maximizing our factory network to improve available supply and meet our customers’ needs throughout the year.” Intel Corporation
The stock has five more days to build a new base before earnings risk ramps up. Intel said June 30 it reports second-quarter numbers after the close July 23, with the earnings call set for 2 p.m. PDT.
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