NEW YORK, Feb 2, 2026, 07:24 EST — Premarket
- Before the bell, Intel shares dropped roughly 4.4%, mirroring a cautious mood in U.S. index futures.
- Long-term foundry discussions involving Apple and Nvidia have resurfaced, though any deals remain years away.
- Investors are focusing on near-term supply and margins, as well as this week’s U.S. data, rather than the headlines.
Intel shares dipped roughly 4.4% to $46.47 in premarket action Monday, down from last Friday’s close of $48.61.
This move is significant since Intel has swung back into a high-beta turnaround stock — it rallies sharply at any sign of new foundry clients but drops just as fast when sentiment shifts cautious.
This marks the first full session in a week loaded with major tech earnings and key U.S. economic reports. That combo usually sparks rapid moves in semiconductor stocks.
U.S. stock index futures dipped following a steep drop in precious metals that sent shockwaves through markets. Gold slumped as much as 6%, with silver plunging 10% after CME increased margin requirements. Investors are also weighing President Donald Trump’s pick of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair in May. (Reuters)
Over the weekend, reports surfaced that Apple and Nvidia are negotiating to tap Intel’s U.S. foundry operations for chip manufacturing around 2028. The talks reportedly include advanced packaging technology as well. (For clarity, a foundry handles contract chip production for external designers, while advanced packaging combines several chip components into a single module.) (Simply Wall St)
Intel values every external order, no matter how small, as it keeps costly factories busy and gauges if major designers will back its manufacturing strategy. Right now, Apple and Nvidia rely mostly on Taiwan Semiconductor Manufacturing Co. for cutting-edge chips.
Supply and margins are still under pressure in the near term. Intel flagged in late January that it’s having a tough time keeping up with AI-fueled demand for server chips. CEO Lip-Bu Tan told analysts bluntly: “In the short term, I’m disappointed that we are not able to fully meet the demand in our markets.” (Reuters)
Traders haven’t forgotten those challenges. Intel shares tumbled 14% on Jan. 23 following a disappointing forecast. TD Cowen analysts commented then that the rally leaned more on “the dream” than on immediate fundamentals. Intel’s finance chief also noted supply should get better in the second quarter, after hitting a low in the first. (Reuters)
Investors took note of insider moves following a Form 4 filing revealing CFO David Zinsner purchased 5,882 shares at $42.50 each on Jan. 26. (Intel Corporation)
The risks are clear: the foundry talks mentioned stretch far into the future and might never materialize into actual contracts. Intel also faces the challenge of meeting its production goals and achieving competitive yields — the percentage of good chips per wafer — on its latest manufacturing nodes.
Intel’s IR calendar shows no investor events on the horizon, so the stock is set to follow broader market trends and sector signals. (Intel Corporation)
Traders are gearing up for key U.S. data ahead, starting with Monday’s manufacturing figures and Friday’s Feb. 6 nonfarm payrolls. In the meantime, earnings from mega-cap and chip stocks are poised to swing risk appetite.
