Intel Q3 2023 Outperformance Overshadowed By Execution Risks Back In Focus

Summary:

  • Intel Corporation continued its streak of outperformance this year with stellar Q3 results.
  • Yet we see signs of investors’ wariness over IDM 2.0 execution risks returning, given ongoing uncertainties to near-term PC outlook, elevated costs of capital, and intensifying competition.
  • This is corroborated by the stock’s underperformance in recent weeks, with the market’s response to Intel’s Q3 outperformance still rangebound in the mid-$30 range.
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Leon Neal

The Philadelphia Semiconductor Index’s (SOX) performance has been blighted by amplified focus on lingering industry challenges. These include resurfacing concerns over geopolitical and regulatory headwinds, a mixed demand outlook amid broader macroeconomic uncertainties, and rising multiple compression risks due to the


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