Intel snaps a 5-day losing streak on chip strength — catch the bounce
Intel stock just snapped a five-day losing streak because investors were reminded that the company still dominates a massive portion of the computer chip market. At the same time, experts at JPMorgan believe a massive wave of corporate spending is about to drive tech stocks to new highs.
Idea
Intel has taken a beating recently, dropping for five days straight, but today's news shows the market is waking up to the fact that their core chip business is still incredibly strong. Tech stocks are heavily oversold right now, and investors are looking for beaten-down companies with solid foundations. With Wall Street experts predicting a massive wave of tech spending on artificial intelligence, a well-established player like Intel is perfectly positioned for a comeback. Buying after a steep drop while the underlying business remains intact is a classic bounce-back opportunity.