Updated 4 November 2026, during the US pre-market. Intel (INTC) traded at $58.66 at 8:09 am ET on Wednesday, down 3.1 percent from Tuesday’s $60.55 close (StockAnalysis; Yahoo Finance showed $58.75, down 3.0 percent, a minute later). AMD, its closest rival, was up about 7 percent in the same session after beating estimates overnight (Reuters). Verdict: the market is treating AMD’s report as good news for AMD, not for the chip group, and Intel is trading back toward the bottom of its post-crash range. Reference levels: $53 below, $65 above.
Key facts
- Pre-market: $58.66 at 8:09 am ET on Wednesday 4 November, down $1.89 or 3.12 percent (StockAnalysis); $58.75, down 2.97 percent, at 8:10 am ET (Yahoo Finance).
- Tuesday: closed at $60.55, up 0.97 percent, after opening at $61.33 and trading between $59.87 and $62.59 on about 146 million shares (Yahoo Finance). It had been up about 4 percent at $62.11 earlier in the day (24/7 Wall St.) and ended after-hours trading at $60.01 (Yahoo Finance).
- AMD’s report: third-quarter revenue of $13.38 billion against $13.09 billion expected and a fourth-quarter guide of about $17 billion against $16.2 billion; client and gaming revenue fell 8 percent to $3.7 billion (CNBC, LSEG).
- The crash behind it: Intel fell 28.6 percent to $65.76 on 30 October after guiding fourth-quarter revenue to $15-$16 billion, below the roughly $17 billion expected, and lost 45.2 percent in October (Trefis, Yahoo Finance).
- Consensus: Hold from 49 analysts, with an average 12-month target of $92.72 (StockAnalysis). The lowest targets set after the crash were Roth’s $70 and Truist’s $72 (Benzinga, MarketBeat).
- The market: Nasdaq-100 futures fell as much as 2.4 percent overnight on early Democratic midterm gains, then turned higher after Democrats took control of Congress and President Trump said he would accept the results (Bloomberg).
What Tuesday answered
Our Tuesday Intel page was written at $59.97 after two heavy down days. It said holding Monday’s $59.40 low would be the first sign that the forced selling was easing, and that AMD’s report would be Intel’s next test. The first half held: Tuesday’s low was $59.87 and the stock closed up about 1 percent on lower volume than Monday’s 231 million shares. The second half is being answered this morning, and so far the answer is not the one Intel holders wanted.
Why AMD’s beat is not lifting Intel
Intel blamed its weak outlook on a steeper-than-expected fall in the PC market and on high memory prices (Yahoo Finance, Trefis). AMD’s report confirmed the PC weakness: its combined client and gaming revenue fell 8 percent, and gaming alone fell 40 percent (CNBC). So the slowdown is not only Intel’s problem.
The difference is what sits next to it. AMD’s data center revenue nearly doubled to a record $8.55 billion, 64 percent of its total, and its fourth-quarter guide was about $800 million above consensus (CNBC). That is the business investors are paying for, and it is why AMD is up while sharing the same PC headwind. Intel’s largest business is still PC processors, and its fourth-quarter guide pointed to revenue falling from the third quarter’s $16.5 billion. Our AMD results page has the full numbers.
The election added a second layer. Overnight, Nasdaq-100 futures fell as much as 2.4 percent as early counts pointed to a Democratic sweep, before the drop was erased (Bloomberg). Intel is the chipmaker most tied to Washington: the US government took a stake in the company in 2025, and the October crash cut about $12 billion from the value of that stake (TechCrunch). A change of control in Congress puts that relationship back in focus.
What could turn it
The story that can move Intel independently of the PC market is its foundry. Tesla said in April that it plans to use Intel’s 14A manufacturing process for chips at its Terafab complex in Austin, which would be Intel’s first significant outside customer for that process (Reuters). Piper Sandler has said Intel needs to sign an anchor 14A customer in late 2026 or early 2027 ahead of a planned 2028 production ramp. A named, committed customer would give investors a reason to look past the fourth-quarter guide.
The other signal is insider buying. Chief executive Lip-Bu Tan bought about $10 million of stock at an average of $95 in August (MarketBeat). A new purchase at less than two-thirds of that price would be read as a vote of confidence. For the full background on the results, see our earlier report on Intel’s guidance and free cash flow.
Intel this week: bull, base and bear
| Scenario | INTC | What has to happen | Anchor |
|---|---|---|---|
| Bear | $53 | The pre-market drop carries into the session, Tuesday’s $59.87 low and Monday’s $59.40 low both break, and the AMD split keeps money moving out of Intel. | About 10 percent below the $58.66 pre-market price, a leg the size of Monday’s 8.8 percent fall. |
| Base | $56-$62 | The stock trades around Monday’s low as the market digests AMD and the election, without a new Intel-specific catalyst. | Just below the pre-market price up to Tuesday’s $62.59 high. |
| Bull | $65 | Buyers return to the “priced in” view, helped by a foundry customer announcement or insider buying. | Just under Friday’s $65.76 close; about 11 percent above the pre-market price. |
The bear case sits below the current price. Analyst targets, all above it, are listed separately above. These are reference levels measured from the verified pre-market price, not forecasts.
What to watch
- $59.40-$59.87: Monday’s and Tuesday’s lows. A close below both would undo Tuesday’s stabilisation.
- The gap between Intel and AMD at the open. A narrowing gap would suggest the move is about the election rather than Intel.
- Volume against Tuesday’s 146 million shares and Monday’s 231 million.
- Any 14A customer news or rating change after AMD’s report.
- Insider filings from Lip-Bu Tan or the board.
Quick take: Intel was at $58.66 pre-market on Wednesday, down 3.1 percent, while AMD rose about 7 percent on a beat that showed the same PC weakness Intel warned about, offset by a near-doubling of data center revenue. The market is splitting the two, not rerating the group. Tuesday’s close held Monday’s low; today’s open is set to test it. Expect $56-$62; $53 needs both lows to break, $65 needs a foundry or insider catalyst.
FAQ
Why is Intel stock down today?
Intel was down about 3 percent pre-market on Wednesday as investors bought AMD after its beat, with AMD’s growth coming from data center chips rather than the PC business where both companies are seeing weaker demand (StockAnalysis, CNBC).
What did Intel stock close at on Tuesday 3 November?
$60.55, up 0.97 percent, in a range of $59.87-$62.59 (Yahoo Finance).
Did AMD’s earnings help Intel?
Not so far. AMD’s client and gaming revenue fell 8 percent, which confirmed the PC slowdown Intel described, while AMD’s data center revenue nearly doubled to $8.55 billion (CNBC).
How much has Intel stock fallen?
It lost 45.2 percent in October, including a 28.6 percent drop on 30 October, and fell another 8.8 percent on 2 November (Trefis, StockAnalysis).
What is the analyst price target for Intel?
The average 12-month target is $92.72 from 49 analysts with a Hold consensus (StockAnalysis). The lowest targets set after the crash were $70 from Roth and $72 from Truist.
What could make Intel stock recover?
A committed outside customer for its 14A manufacturing process, insider buying, or signs that the PC market is stabilising. Tesla said in April it plans to use 14A (Reuters).
Sources: StockAnalysis and Yahoo Finance, 3-4 November (pre-market and daily prices, ranges, volume, consensus); 24/7 Wall St., 3 November (intraday high); CNBC and LSEG (AMD third-quarter results); Reuters (AMD pre-market move, Tesla 14A plan); Bloomberg, 4 November (Nasdaq-100 futures, midterm results); Trefis and Yahoo Finance (Intel guidance and October decline); Benzinga and MarketBeat (analyst targets, insider purchase); TechCrunch (government stake); Piper Sandler via industry reports (14A timeline).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stocks are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
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