NEW YORK — Intel Corp. shares declined 3.05 percent to $118.05 on Thursday, extending recent volatility as investors weighed valuation concerns against the chipmaker's aggressive foundry expansion, major customer wins and ongoing recovery efforts in a highly competitive semiconductor landscape.

The drop came after Northland Capital Markets downgraded Intel from Outperform to Market Perform, citing rich valuation even after accounting for optimistic scenarios around its 18A process node and foundry ambitions. The stock has surged dramatically in 2026, rising more than 190 percent year-to-date from early lows, but has pulled back from recent highs near $130 as some analysts question whether the easy gains have already been realized.

Despite the daily decline, Intel has delivered one of the strongest performances among major semiconductor names this year, fueled by partnerships with Tesla, Google, Nvidia and others, as well as progress on its turnaround plan under CEO Lip-Bu Tan.

Strong Momentum Earlier in 2026

Intel's recovery story gained significant traction in early 2026. The company secured a major foundry deal with Tesla for 14A chips and a multiyear partnership with Google for custom ASIC IPUs. It also benefited from a $5 billion equity investment from Nvidia and $5.7 billion in CHIPS Act funding.

These developments helped push the stock more than........

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