Stock Market Today, July 24: Intel Reverses Gains on Foundry and AI Spending Concerns
Yahoo Finance ·
Intel ( INTC -8.02% ) , a leading semiconductor manufacturer, closed down 7.89% at $92.32. Investors sold off Intel shares after initial optimism following yesterday’s earnings, as questions about foundry customers and artificial intelligence (AI) progress took focus. Trading volume reached 179.1 million shares, coming in about 36% above its three-month average of 131.4 million shares. S&P 500 closed at 7,412, up 0.05%, while the Nasdaq Composite finished at 24,976, down 0.64%. Among semiconductor peers, Advanced Micro Devices closed at $521.95, down 3.29%, and Texas Instruments closed at $279.58, down 1.90%, reflecting broader chip weakness. Intel rose in after-hours trading yesterday as investors reacted to its strong quarterly results, with revenue up 25% year-over-year, topping analyst estimates. However, shares fell today as Wall Street refocused on demand at its foundry unit, high capital expenditure (capex) , and the possibility it might tap markets for additional funds, which would dilute shareholder value. To put Intel’s price drop in context, its results come at a time when AI jitters are running rampant, and the fall mirrors that of tech giants like Alphabet . Investors are increasingly uncomfortable with growing AI spending and want to see how the high outlays will generate revenue. Those concerns are understandable, and with Intel’s shares up over 300% this year, investors want reassurance that it can maintain this momentum. Most importantly, watch to see if its foundry business can attract more outside customers and whether rising demand for its chips can match its spending plans. *Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
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