Intel Stock Falls
Massive Sell Off
So why the massive sell off? Have people just gotten tired of intel’s slow movement and constant retractions? Not exactly, while that could be annoying for anything trying to achieve gains, it still hasn’t been enough to sink them. Friday August 2nd 2024 marked the largest dip in a long time for Intel as the shares dropped 26%. The market had a horrible day, but theirs was particularly bad for a few key reasons.
$INTC Sell Off
March News
In march intel announced they would recieve 8.5 billion in direct funding through the Chips & Sciences Act. This money was meant to create more jobs in the USA approximately 10,000 was listed in this article.
8.5 Billion to Intel
Recent News
Intel Announced on 8/1/2024 that they were cutting 15% of their employees. I guess these people are now redundant because their AI investment is paying off? They also announced a suspension of their highly favored 5% dividend. Intel used to be held for 2 reasons; 1 the dividend rate and 2 the steady stable price. Lately shareholders have become annoyed with the lack of price action while watching competitors ($NVDA, $AMD) prices soar. The Job cuts and dividend suspension on top of the broader market news and sentiment caused the share price to plummet 26%. I’m sure many hedge funds and whales dumped shares today. If there was still a dividend then I would totally buy this dip but there is no incentive left judging by their history as a company. Intel has been stagnant for far too long which is extremely odd consider their market share of CPU’s.
RIP INTEL
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