Intel (INTC) shares are down 3% to $101.15 in afternoon trading but remain up 174% this year, while AMD is up 175% at $589.75 and NVIDIA (NVDA) is up 22% at $226.35. The iShares Semiconductor ETF (SOXX) is up 81% year to date, and the Invesco QQQ Trust is up 21%. In its July 23 report for the second quarter of 2026, Intel posted $16.1 billion in revenue, $1.8 billion above the middle of guidance, adjusted earnings per share of 42 cents versus 20 cents guided, and data center revenue of $6.3 billion, up 59%. Intel Foundry posted a $2.1 billion operating loss while the company raised its capital spending outlook to more than $20 billion. Optimists see demand outrunning supply and value in owning factories, while skeptics point to continuing foundry losses and rising spending, arguing the stock is priced on a turnaround not yet proven.
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