Intel shares climbed 3.6% in pre-market trading on Tuesday after the company completed a $23 billion secondary stock offering, the largest in its history.
The expanded offering, initially planned for $15 billion, was increased to $20 billion and ultimately raised $23 billion through the sale of approximately 242 million shares at $95 each. The transaction followed a sharp decline in Intel and Advanced Micro Devices (AMD) shares on Monday, which coincided with broader market volatility ahead of Nvidia’s quarterly earnings report.
UBS and other Wall Street analysts reduced price targets for Intel following the offering, citing a higher share count and limited near-term earnings visibility. The company’s shares remain well below their 52-week high of $142.35, trading below the $95 offering price even after Tuesday’s pre-market gain.
Raymond James upgraded AMD to Strong Buy, citing growing demand for CPUs driven by agentic AI and inference workloads. The upgrade reflects optimism that AI-related semiconductor demand will benefit multiple industry players, including Intel.
In a separate disclosure, former U.S. House Speaker Nancy Pelosi reported acquiring 10,000 Intel shares valued between $500,000 and $1 million on July 24, along with 50 call options with a $50 strike price expiring June 17, 2027, valued between $250,000 and $500,000.
Broader U.S. indices advanced during Monday’s session, with the S&P 500 up 0.5%, the Dow Jones rising 0.6%, and the Nasdaq gaining 0.9%.
