Intel stock falls about 6% as oil tops $100

Intel shares fell about 6% on Thursday, ending a five-session rally that had lifted the stock roughly 20% and bringing the price back near $100. U.S. crude crossed the $100-a-barrel mark and the 10-year Treasury yield rose above 4.9%, putting pressure on high-beta technology and semiconductor stocks.

The broader market declined: the Dow fell about 195 points, the S&P 500 dropped 0.6% and the Nasdaq lost 0.9%. West Texas Intermediate futures for October traded above $100, while Brent for November moved above $105. Energy-price gains coincided with a prolonged U.S.-Iran conflict and pushed longer-term yields higher.

Investors had driven the earlier rally after reports that Intel was considering roughly a 10% increase in desktop CPU prices starting in early October. The company began a series of price hikes at the end of 2025, citing higher supply-chain costs and strong product demand. Expectations of higher revenue per unit supported the stock before Thursday’s pullback.

Piper Sandler initiated coverage of Intel this week with a Neutral rating and a $110 price target. The firm wrote that demand for server CPUs tied to agentic artificial intelligence is supporting Intel’s revenue, and it expects supply constraints could persist until 2029 or 2030. Piper highlighted Intel’s 14A manufacturing process and foundry business, noting customer evaluations of 14A have been surprisingly positive and that management has made progress rebuilding culture, products and customer trust.

Piper Sandler estimated the market is pricing in about a 15% gain in foundry market share for Intel, a scenario the firm compared with a full fab module known as Fab-62. Under Piper’s view, that expectation accounts for roughly 45% of Intel’s current share price.

Earlier in the week, Northland analyst Gus Richard upgraded Intel to Outperform from Market Perform, citing material progress in the company’s turnaround and an ongoing server CPU shortage that could benefit Intel. Richard also pointed to Intel’s collaboration with Tesla on the Terafab semiconductor initiative as a potential boost to the company’s foundry ambitions.

Thursday’s drop followed a rise in oil and bond yields that weighed on stocks that had outpaced the market. Market participants are watching upcoming corporate updates, supply-demand signals in the server CPU market and any confirmation of Intel’s planned price adjustments for further direction.