Intel NASDAQ:INTC shares fell about 3% on Friday as investors trimmed exposure to semiconductor stocks amid a broader pullback across the technology sector.
The decline followed gains in chip stocks a day earlier, when reports of increased AI infrastructure spending by Meta Platforms (META) and Micron Technology's (MU) expanded long-term U.S. investment plans lifted sentiment. Friday's weakness appeared to reflect broader risk reduction as Nasdaq futures traded lower ahead of the market open.
Intel is scheduled to report second-quarter results on July 23. Wall Street analysts currently expect the company to post earnings of $0.19 per share on revenue of about $14.4 billion for the quarter.
Despite the recent pullback, Intel shares remain sharply higher over the past year. The stock has retreated from recent highs but continues to trade well above its 100-day and 200-day moving averages, suggesting the longer-term trend remains intact.