Intel Slides 5% Before October 29 Earnings Report Amid Chip Selloff
Intel closed at $107.08 on October 8, down 5.34%, as chip stocks fell on concerns about OpenAI's revenue outlook. The company has not released company-specific news, and its next quarterly report is scheduled for October 29. Intel has beaten revenue estimates for five straight quarters, but spending and foundry customer secrecy remain key uncertainties.
Intel's October 8 decline occurred without a company-specific announcement. The stock ended at $107.08, down 5.34%, as chip shares weakened after a Financial Times report raised questions about OpenAI's revenue. Intel's next scheduled update is third-quarter results after the close on October 29. Despite the drop, shares remain up 194.4% over one year, though 24.02% below their peak.
Operationally, Intel has topped revenue consensus for five consecutive quarters. Q2 2026 revenue was $16.13 billion, 25.42% higher year over year and 11.71% above estimates; adjusted EPS was $0.42 versus $0.22 expected, while GAAP EPS was a $2.16 loss. Management has declined to name foundry customers, and 2027 capital spending remains unresolved.
Intel's share swing may affect investors, employees, and suppliers tied to its turnaround, as well as customers awaiting foundry capacity. Because chip demand underpins AI, PCs, and data centers, uncertainty around spending and customer commitments could influence technology costs and availability. The October 29 report may clarify whether recent revenue beats translate into durable benefits, but market reactions could remain sensitive to broader AI sentiment.