Intel’s Engineering Prowess Holds Key to Wall Street’s Chip Bet Amid Tech Sell-Off

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2026-06-24 07:47:01

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Technology equities faced a broad sell-off as speculators locked in profits, dragging down chipmakers including Intel despite its 500% surge over the past year. The Nasdaq Composite dropped 1.3% as investors retreated from high-risk tech plays, with rivals AMD, Micron, and Broadcom mirroring the decline. The pullback follows a heated AI-driven rally that left markets questioning stretched valuations.

Bank of America remains bullish, raising Intel's price target to $160 by 2026 and projecting a $2.7 trillion semiconductor market growing at 28% annually through 2030. Data center advancements and automotive sector recovery underpin the optimism. Product momentum continues as Super Micro Computer expands edge AI systems using Intel's Core Ultra chips and Arc Pro graphics.

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