Intel Stock Lower Despite New AI Update, Lower Prices

INTC has shed over 40% so far in 2024

Digital Content Manager
Jun 4, 2024 at 10:31 AM
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Intel Corp (NASDAQ:INTC) isn't sitting out of the artificial intelligence (AI) race. After Nvidia (NVDA) and Advanced Micro Devices (AMD) unveiled their latest generation of AI chips, Intel is following suit with the launch of its newest Xeon server processors. Plus, the  company noted its Gaudi 3 AI accelerator chips will be more affordable than its competitors' products.

Analysts are yet to chime in on the update, but are generally skeptical of the equity. Of the 34 analysts in coverage, 28 rate the shares a tepid "hold" or worse, while only six say "buy" or better.

INTC is down 0.2% at $30.22 at last check, substantially lower than rivals NVDA and AMD. The security's May rally ran into pressure at the $32 level, with a floor at the $30 region providing support since. Intel stock has shed over 40% in 2024.

Nevertheless, short-term options traders have been more bullish than usual. This is per the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.51 sits in the low 10th percentile of readings from the last 12 months.

 

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