Tech Sell-Off Takes QQQ To Correction Territory, Nvidia Sheds Over 5% For Week: Analyst Says 'Just A White Knuckle Moment In A Multi-year Bull Run'
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 04 2024
0mins
Should l Buy INTC?
Source: Benzinga
Tech Sector Decline: The tech sector faced a significant decline in the week ending August 2, with major ETFs and stocks like Intel and Nvidia experiencing substantial losses due to mixed earnings reports and macroeconomic concerns, leading to a correction in the Nasdaq 100 Index.
Future Outlook: Despite the recent sell-off, analyst Daniel Ives remains optimistic about the tech market's long-term growth potential, particularly driven by advancements in artificial intelligence, and anticipates a favorable environment for smaller tech companies as the Federal Reserve may initiate rate cuts.
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Analyst Views on INTC
Wall Street analysts forecast INTC stock price to fall
29 Analyst Rating
5 Buy
19 Hold
5 Sell
Hold
Current: 64.940
Low
20.00
Averages
39.30
High
52.00
Current: 64.940
Low
20.00
Averages
39.30
High
52.00
About INTC
Intel Corporation is a global designer and manufacturer of semiconductor products. The Company operates through three segments: Intel Products, Intel Foundry, and All Other. Its Intel Products segment includes Client Computing Group (CCG), Data Center and AI (DCAI), Network and Edge (NEX). The CCG is bringing together the operating system, system architecture, hardware, and software application integration to enable PC experiences. DCAI delivers workload-optimized solutions to cloud service providers and enterprises, along with silicon devices for communications service providers, network and edge, and HPC customers. NEX helps networks and edge compute systems from fixed-function hardware to general-purpose compute, acceleration, and networking devices running cloud native software on programmable hardware. The Intel Foundry segment comprises technology development, manufacturing and foundry services. All Other segments include Altera, Mobileye, Other.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strategic Partnerships: Intel has partnered with Elon Musk's Terafab to provide chip manufacturing for Tesla, SpaceX, and xAI, signaling a resurgence in its relevance and competitiveness in the industry.
- Financial Stability: The company announced the repurchase of Apollo's 49% stake in its Ireland fab, reflecting improved financial health and boosting investor confidence.
- Market Focus: Investors are eagerly awaiting the earnings report on April 23 to determine if the recent positive developments translate into revenue and profit growth, despite the stock's high valuation at 122 times forward earnings.
See More
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- Intel Stock Surge: Intel's stock has surged 55% in April, positioning it for its best month in over fifty years, driven by strong demand for its server CPUs that compensates for weakness in the PC chip market, indicating positive outcomes from the company's turnaround efforts.
- AMD's Hot Streak: AMD's stock has risen for 12 consecutive trading days, climbing approximately 42%, with Bernstein raising its price target from $235 to $265, reflecting optimistic market expectations for its product demand.
- Strong Performances from Microsoft and Dell: Microsoft has rebounded 18% from its 52-week low, and although its price target was lowered to $500, analysts believe its AI and cloud business remains healthy; Dell's shares have surged about 75% since January 20, positioning it as a key beneficiary of customers shifting orders.
- Industry Confidence Rebounds: A mix of macroeconomic relief and AI-driven optimism has revitalized tech stocks, with Intel and AMD's strong performances signaling renewed investor favor for Big Tech, suggesting potential for industry recovery.
See More
QSM Asset Management Initiates Position in Mobileye
- New Investment Position: According to an SEC filing dated April 15, 2026, QSM Asset Management initiated a new position in Mobileye Global Inc. by acquiring 611,003 shares during Q1 2026, with an estimated transaction value of $5.54 million, indicating confidence in the company's potential.
- Value Fluctuation: By the end of the quarter, the value of Mobileye's position was $4.13 million, reflecting price movements during the period and suggesting a cautious market sentiment regarding its future performance.
- Asset Allocation Insight: This new position constituted 2.02% of QSM's total reportable assets, highlighting the strategic diversification within the firm's investment portfolio, even as Mobileye's stock price has declined by 41.1% over the past year.
- Market Outlook Analysis: Despite facing significant market challenges, QSM's acquisition may signal an optimistic outlook for future profitability, particularly as autonomous driving technologies gain increasing importance in the automotive sector.
See More
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- Revenue Growth Slowdown: Netflix's Q1 revenue reached $12.3 billion, up 16.2% year-over-year, but this growth rate has decelerated from 17.6% in Q4 2025, indicating a weakening momentum under high valuation, which may affect investor confidence.
- Profitability Improvement: Despite the slowdown in revenue growth, Netflix's earnings per share surged from $0.66 to $1.23 year-over-year, demonstrating strong profitability; however, concerns about future growth could pressure the stock price.
- Cautious Future Outlook: Management's guidance for Q2 indicates a revenue growth forecast of just 13.5%, with full-year growth expectations set at 12% to 14%, reflecting the challenges the company faces in a highly competitive market environment.
- Valuation Risk: With a current P/E ratio of about 32, the market has high expectations for Netflix's sustained growth; however, in a competitive landscape, if the P/E were to contract to 22, the stock could drop to $68, implying a downside risk of approximately 30%.
See More
QSM Asset Management Increases Stake in Mobileye
- Increased Holdings: QSM Asset Management acquired 611,003 shares of Mobileye in Q1 2026, with an estimated trade value of $5.54 million, reflecting confidence in the company's future prospects.
- Quarter-End Valuation: At quarter-end, the value of Mobileye's stake was $4.13 million, representing 2.02% of QSM's reportable assets under management, indicating its significance within the investment portfolio.
- Market Response: Despite Mobileye's stock being down over 80% from its all-time high, analysts project a forward P/E ratio of 30, suggesting the company is poised for profitability and rapid growth.
- Investment Timing: QSM's acquisition is viewed as a bullish signal in the current market climate, particularly as autonomous driving technology gains traction, potentially offering significant returns for investors.
See More
Market Speculation Risks Resurface
- Speculation Warning: CNBC's Jim Cramer warns that signs of excessive speculation are resurfacing in the market, recalling how last year's speculative stocks led to significant investor losses, indicating that current market enthusiasm may be outpacing necessary investment discipline.
- High-Risk Investment Areas: Cramer highlights high-risk sectors such as unprofitable nuclear startups, quantum computing, and space-related stocks, acknowledging their long-term potential but expressing concern that many smaller companies lack viable business models, which could lead to investor losses again.
- Mature Company Recommendations: For investors seeking exposure to these industries, Cramer recommends established companies with stable earnings and complementary business lines, such as Constellation Energy and GE Vernova, which have extensive experience in nuclear and renewable energy.
- AI Compute Infrastructure: Cramer sharply criticizes Allbirds' pivot plan, noting its stock surged 582% post-announcement but then fell 36%, advising investors to focus on stronger semiconductor firms like Nvidia and TSMC for a more reliable play in the AI compute boom.
See More
