Intel (INTC) shares are close to hitting another multi-year low this week as U.S. equity markets inch closer to a technical bear market. While shares have traded lower towards the low $40s, I am neutral on the stock. Intel’s Q1 results weren’t bad with small beats on earnings and revenue, however investors were disappointed to hear weaker guidance for Q2. Additionally, this week, China reported a sharp decline in retail sales and industrial output as the CCP refuses to deviate from its zero-COVID policy. China accounts for over 25% of Intel’s total revenue, which could lead to further downward revisions in the coming quarters.
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