On July 29, Intel fell 3.03% in after-hours trading to $79.28 per share, with turnover of $1.518 billion, extending a multi-session decline that has seen the stock lose over 15% from recent highs.

On the news front, Intel's foundry business customer expansion progress continues to fall short of expectations, while intensified competition in the computing chip sector and downstream cloud customers prioritizing specialized AI chips over general-purpose processors have weighed on demand outlook. Cantor Fitzgerald cut its target price to $125, while Wedbush maintained a neutral rating, both citing the company's elevated capital expenditure — raised to $200 billion for the full year with expectations to climb further to approximately $300 billion next year — as a constraint on valuation. Adjusted free cash flow remains negative despite Q2 revenue of $16.1 billion representing 25% year-over-year growth.

At the sector level, semiconductors remained under broad pressure, with Micron Technology down 3.66%, SK hynix down 2.89%, Advanced Micro Devices down 1.29%, and Taiwan Semiconductor Manufacturing down 1.06%, reflecting continued systematic selling across the space.

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