Intel drops nearly 9% as the chip selloff rolls into November
Another steep decline follows Friday's rout, even as most S&P 500 stocks rise.
Intel shares fell 8.8% to $59.97 on Monday, extending Friday's sharp selloff as the semiconductor sector struggled to stabilize. The new decline came even as most stocks in the S&P 500 rose, showing how concentrated the pressure remained in technology.
The immediate backdrop is still Intel's disappointing outlook, rather than a new earnings release. Its forecast helped trigger Friday's rout, when the stock lost nearly 29%. Monday's follow-through left Intel trading at less than half its value at the end of September, according to Yahoo Finance's analysis.
The weakness spread through the chip and AI-infrastructure trade. Marvell and Lumentum also fell after their large all-stock deal, while investors weighed new financing demands from Oracle and Anthropic's computing commitments. Those are different company developments, not evidence that every chipmaker faces the same problem.
At the market close, the Nasdaq Composite was down about 1.1% and the S&P 500 about 0.5%, while the Dow gained about 0.4%. Falling oil prices helped other parts of the market, but did not rescue the early technology rebound. The next test is whether company results can separate durable demand from the spending and valuation worries pressing on the group.
