New York, Feb 10, 2026, 10:31 EST — Regular session
- Intel shares fall about 3% in morning trading after opening near $50
- Weak U.S. retail sales data shifts attention to this week’s jobs and inflation reports
- A report on possible chip-tariff carve-outs for Big Tech adds policy uncertainty
Intel shares fell on Tuesday, down $1.54, or about 3.1%, at $48.70 in morning trading. The stock opened at $50.37, swung between $48.38 and $50.50, and had traded about 22 million shares.
The slip matters because chip stocks have been trading like a macro product again. Investors are trying to decide whether the AI buildout is a tailwind that lasts, or a bill that shows up before the payoff.
U.S. retail sales were unexpectedly unchanged in December, data showed, kicking off a week of reports that could shift the outlook for Federal Reserve policy. “It’s really the retail sales data that’s come out below expectations,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management. Fed officials Beth Hammack and Lorie Logan are slated to speak later Tuesday. 1
Other chip stocks were mixed. Nvidia was down about 0.4%, while Advanced Micro Devices was little changed.
Policy headlines added another layer. The Financial Times reported the Trump administration plans to spare firms such as Amazon, Google and Microsoft from upcoming tariffs on chips used to build AI data centers. The report said the carve-outs would be provided by the Commerce Department and tied to investment commitments by Taiwan Semiconductor Manufacturing Co, but said plans were in flux and not signed by Trump. 2
Outside the headline AI trade, the tone across semiconductors remains uneven. Onsemi missed quarterly revenue estimates, hurt by a persistent inventory glut, and said some business segments declined as much as 17%; its shares fell nearly 6% in extended trading. 3
Intel itself is still trying to show it can turn AI-linked demand into shipments and margins. On Jan. 22, it told investors it struggled to satisfy demand for its server chips used in AI data centers and forecast first-quarter revenue of $11.7 billion to $12.7 billion, below analysts’ average estimate of $12.51 billion. Chief Executive Officer Lip-Bu Tan said, “In the short term, I’m disappointed that we are not able to fully meet the demand in our markets.” 4
The broader tech complex has been jumpy since last week’s AI-led selloff, followed by a bounce that pushed the Nasdaq up 0.9% on Monday. “You’ve a sharply oversold market where a little bit of good news can go a long way,” said Keith Lerner, chief investment officer at Truist Advisory Services. Traders are now looking to the delayed January jobs report due Wednesday and the January consumer price index report due Friday, and to Nvidia’s results later this month. 5
The risk for Intel is that softer economic data drags investors back into defensive trades, while hotter inflation pushes rate-cut bets out again. Either way, chip stocks can move fast, and Intel still has to prove it can meet demand without taking another hit to guidance.
For INTC traders, the next checkpoints are the U.S. jobs report on Feb. 11 and the CPI print on Feb. 13, with any new detail from Washington on the tariff carve-outs also in focus.
