Intel Rally Falters After Nvidia Unveils RTX Spark

Intel shares fell sharply after Nvidia introduced the RTX Spark superchip at Computex, interrupting a rally that had more than doubled the stock price. The decline began on Friday, accelerated into Monday trading and coincided with heavier-than-normal volume.

The stock slipped 5.14% on Friday on about 191.7 million shares traded, above average volume. Intel had risen from roughly $40 in late March to nearly $133 on May 11, a gain of about 230%. The stock formed a bull-flag consolidation and briefly broke out around May 20 before stalling.

At Computex, Nvidia unveiled RTX Spark, an Arm-based processor paired with a Blackwell GPU aimed at Windows laptops and desktops. Vendors planning products this fall include Dell, HP, Microsoft, Lenovo, ASUS and MSI. Intel presented its Crescent Island AI GPU the same day and said sampling would not begin for months.

Institutional flow measures showed weakening demand during the late-May run. The Chaikin Money Flow, which tracks buying and selling pressure from larger investors, fell to about 0.13 between May 18 and May 29 and now rests on an ascending trendline. Nvidia’s Chaikin Money Flow moved below zero to roughly -0.08.

On the fundamentals side, Morgan Stanley estimated Intel’s 18A process yield at about 50% and noted Apple is the only customer that has signed a contract for work on that node. The company has not disclosed additional foundry customers for the 18A process.

Options-market activity also reflected concentrated bullish positioning. The put-call volume ratio was near 0.60 and the open-interest ratio about 1.05 at the time of the drop.

Analyst targets varied. Mizuho Securities raised its target to $128. Barclays and Wells Fargo maintained lower targets at $100 and $110, respectively. Analysts cited $128 as the next upside level, with higher marks referenced at $136 and $144; some named roughly $102 and nearer $64 as downside levels to monitor.

Intel’s CEO Lip-Bu Tan is scheduled to deliver a keynote on June 2. Company timelines for chip sampling and additional foundry customer commitments remain outstanding.