Intel (INTC) stock lost 24.9% in the month to October 21, 2026, while the S&P 500 was about unchanged, even though management said fiscal Q2 2026 was the seventh straight quarter in which Intel beat its own expectations. Data center revenue reached $6.3 billion, up 59% from a year earlier, yet the stock trades at 8.3 times twelve-month sales versus 3.1 for the S&P 500, after climbing 144% over the past year. Operating margin improved to 12.2% in fiscal Q2 2026 from an operating loss of 10.0% a year earlier, though the twelve-month margin of 7.6% remains below the S&P 500's 18.5%. Intel Foundry lost $2.1 billion at the operating level while outside customers brought in $293 million in revenue, and Intel raised its 2026 capital spending outlook to more than $20 billion after selling 210.5 million new shares at $95 each.
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