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
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: 120.350
Low
20.00
Averages
39.30
High
52.00
Current: 120.350
Low
20.00
Averages
39.30
High
52.00
About INTC
Intel Corporation is a global designer and manufacturer of semiconductor products. The Company's segments include Intel Products, Intel Foundry, and All Other. Its Intel Products comprise Client Computing Group (CCG) and Data Center and AI (DCAI). CCG delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experience for consumer and commercial markets with capabilities that also support retail, industrial robotics and AI ecosystems at the edge. DCAI delivers workload-optimized solutions based upon its x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. The Intel Foundry segment comprises technology development, manufacturing and foundry services, developing new semiconductor process technologies and advanced packaging technologies. All Other segments include Mobileye and 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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See More
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See More
