Key Highlights

  • Intel shares closed down 8.04% at $85.49 on Oct. 22, ahead of its Oct. 29 earnings report.
  • Susquehanna cut its price target to $105 and TD Cowen cut its target to $95.
  • JPMorgan upgraded Intel to Neutral, while Tesla's planned foundry deal offered limited support.
  • The Nasdaq had its worst day since June as the PHLX Semiconductor Index fell about 6.7%.

Intel (NASDAQ:INTC) tumbled in a broad AI and semiconductor selloff on Thursday, 22 October 2026, closing down 8.04% at $85.49 ahead of its 29 October third-quarter report. The Nasdaq had its worst day since June, and the Philadelphia Semiconductor Index fell about 6.7%.

Sector Pressure Meets Company-Specific Caution

Lam Research's (NASDAQ:LRCX) supply-constraint warning, Meta's (NASDAQ:META) higher AI spending and Nvidia chief executive Jensen Huang's comments on scarce AI capital hit chip stocks broadly on Thursday. On top of that sector pressure, Intel faced company-specific caution: Susquehanna cut its price target on the stock to $105, and TD Cowen cut its target to $95.

A Mixed Set of Analyst Signals

Not every signal was negative. JPMorgan upgraded Intel to Neutral, and Tesla's (NASDAQ:TSLA) planned 14A foundry commitment offered some support, though not enough to offset the broader selloff and the price-target cuts. Intel closed down 8.04% at $85.49, trailing the semiconductor sector, and slipped a further 0.85% in after-hours trading.

What Investors Are Watching Into Earnings

With Intel's third-quarter report due on 29 October, investors are focused on fourth-quarter guidance, supply conditions, capital expenditure and progress in the company's foundry business. That focus is consistent with the concerns flagged in Thursday's price-target cuts, both of which centred on execution and competitive positioning in Intel's contract-manufacturing ambitions.

A Sector Move With Added Company Scrutiny

Thursday's decline therefore reflects two things at once: a broad chip-sector selloff tied to AI-spending and supply-chain worries, and incremental, company-specific caution from analysts ahead of next week's results. The scale of the fall, at just over 8%, is consistent with the magnitude of the wider semiconductor move, but the price-target cuts suggest some of the pressure was specific to Intel's own outlook.