NEW YORK — Intel Corp. shares declined 3.05 percent to $118.05 on Thursday, extending recent volatility as investors weighed valuation concerns against the chipmaker’s aggressive foundry expansion, major customer wins and ongoing recovery efforts in a highly competitive semiconductor landscape.

The drop came after Northland Capital Markets downgraded Intel from Outperform to Market Perform, citing rich valuation even after accounting for optimistic scenarios around its 18A process node and foundry ambitions. The stock has surged dramatically in 2026, rising more than 190 percent year-to-date from early lows, but has pulled back from recent highs near $130 as some analysts question whether the easy gains have already been realized.

Despite the daily decline, Intel has delivered one of the strongest performances among major semiconductor names this year, fueled by partnerships with Tesla, Google, Nvidia and others, as well as progress on its turnaround plan under CEO Lip-Bu Tan.

Strong Momentum Earlier in 2026

Intel’s recovery story gained significant traction in early 2026. The company secured a major foundry deal with Tesla for 14A chips and a multiyear partnership with Google for custom ASIC IPUs. It also benefited from a $5 billion equity investment from Nvidia and $5.7 billion in CHIPS Act funding.

These developments helped push the stock more than double in April alone, marking its best month in decades. CEO Lip-Bu Tan has emphasized Intel’s role in the next wave of AI, shifting focus toward inference and agentic computing that requires advanced CPUs, wafer services and packaging.

However, recent analyst notes have introduced caution. Northland’s downgrade highlighted concerns that hyperscalers may slow data center spending in 2027 due to high AI infrastructure costs and debt levels. While Intel has made progress on server CPUs and advanced nodes, some investors worry the stock has gotten ahead of near-term fundamentals.

Competitive Pressures and Industry Context

Intel continues to face stiff competition from TSMC in foundry services and from AMD and Nvidia in data center processors. ByteDance is reportedly developing custom CPUs for AI workloads, further intensifying the battle for market share.

Despite these challenges, Intel has shown signs of stabilization. The company returned to profitability in recent quarters and has raised guidance on multiple occasions. Its foundry business, long a drag on results, is beginning to attract meaningful external customers as governments and companies seek supply chain diversification.

The CHIPS Act funding and new U.S. and European manufacturing facilities position Intel as a key player in efforts to strengthen domestic semiconductor production. These investments, while costly in the short term, are viewed by supporters as critical to long-term competitiveness.

Analyst Views and Valuation Debate

Wall Street remains divided. While many firms maintain Buy ratings and have raised price targets, others have grown more cautious on valuation. Citigroup recently maintained a Buy rating but adjusted its target upward to $130, reflecting confidence in Intel’s technology roadmap.

The stock trades at elevated multiples compared to historical averages, though supporters argue this is justified by its strategic importance and potential market share recovery. Bears point to execution risks in the foundry business and the possibility of delayed returns on heavy capital expenditures.

For investors considering Intel stock, the case rests on belief in a successful turnaround and U.S. semiconductor resurgence. The company’s cash position, government support and partnerships provide a foundation for recovery, though near-term volatility is likely.

Potential buyers may look for pullbacks toward the $110–$115 range for better entry points. Long-term holders benefit from Intel’s dividend and exposure to both traditional computing and emerging AI infrastructure.

Those leaning toward selling cite competition, high valuation and the risk of further delays in process technology leadership. However, the overall sentiment among most covering analysts remains constructive, supported by recent operational progress.

Broader Semiconductor Sector Trends

Intel’s performance reflects mixed dynamics across the chip sector. While AI demand has boosted companies like Nvidia and TSMC, traditional CPU makers have faced more challenges. Intel’s dual role as both a product designer and foundry operator creates unique opportunities and risks.

The U.S. government’s push for semiconductor self-sufficiency through the CHIPS Act has provided tailwinds, but global competition remains fierce. Intel’s ability to execute on its 18A and future nodes will be closely watched by customers and investors alike.

As the year progresses, key focus areas include progress on major foundry deals, margin improvement and competitive positioning against AMD and others in data center markets. Upcoming earnings reports will provide further clarity on the pace of recovery.

Thursday’s decline represents a healthy pullback in a stock that has run significantly higher in 2026. While concerns over valuation are valid, Intel’s strategic initiatives and government backing provide a foundation for potential long-term outperformance.

Investors should monitor industry trends, customer announcements and execution on capital projects. Professional financial advice is recommended before making decisions in this volatile sector.

Operator

Good morning, ladies and gentlemen, and welcome to the Champion Q4 Results of the Financial Year 2026 Conference Call. [Operator Instructions] This call is being recorded on Thursday, May 28, 2026. I would now like to turn the conference over to Michael Marcotte, Senior Vice President, Corporate Development and Capital Markets. Please go ahead.

Michael Marcotte
Senior Vice President of Corporate Development & Capital Markets

Thank you, operator, and thank you, everyone, for joining us to discuss our fourth quarter results of the 2026 financial year. Before we get going, I’d like to highlight that throughout this call, we’ll be making forward-looking statements. If you would like to read more about forward-looking statements, risks and assumptions, you can go and visit our MD&A, which is available on our website.

We will also be using a presentation throughout this call that’s also available on our website under the Events and Presentations tab. Joining me here on this call include our CEO, David Cataford; our Chairman, Michael O’Keeffe; and our COO, Alexandre Belleau. And with that, I’ll turn it over to David for the formal portion of the presentation.

David Cataford
CEO & Non-Independent Director

Thanks, Michael. Thanks, everyone, for being on the call. So if we go through the highlights for the fourth quarter of fiscal 2026, we managed to produce just over 3.4 million tonnes during the

The Federal Reserve’s preferred inflation gauge remained stubbornly high in April as consumers continued to face elevated price growth.

The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.4% on a monthly basis in April and is up 3.8% from a year ago. The monthly figures were slightly cooler than the 0.5% increase expected by economists polled by LSEG, while the annual figure was in line with expectations.

Consumer prices have risen due in part to the impact of the Iran war. (Benjamin Boshart/Bloomberg via Getty Images)

HOW DOES FED CHAIR NOMINEE KEVIN WARSH VIEW THE CENTRAL BANK’S INFLATION GOAL?

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.2% from a month ago and increased 3.3% year over year. The monthly figure was cooler than the 0.3% increase estimated by the LSEG poll, while the annual figure was in line with expectations.

Federal Reserve policymakers are focused on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation. Compared with March’s annual readings, headline PCE rose from 3.5% to 3.8%, while core PCE increased from 3.2% to 3.3%.

Goods prices were up 1.2% in April compared with a year ago, and were down 0.1% from the prior month.

Services prices increased 2.5% on an annual basis in April, and increased 0.2%.

HIGH ENERGY PRICES RISK KEEPING INFLATION ABOVE 2% TARGET, CONCERNING FED POLICYMAKERS

The personal savings rate as a percentage of disposable personal income was 2.6% – down from 3.2% in March and 3.6% in February.

Since the start of last year, the personal savings rate has declined from 5.1% in January 2025 and a peak of 5.5% last April to its current level.

What experts are saying

“With headline inflation closer to 4% than 3%, the Fed continues to walk a tight rope. When adjusted for inflation, spending barely rose in this report,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. “Rising prices are really taking a bite out of consumption, and the decline in the savings rate shows consumers are dipping into savings to make ends meet.”

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Heather Long, chief economist at Navy Federal Credit Union, said that the “pain is real for many Americans right now.”

“The prices of many basics are up and incomes are not keeping pace. People are dipping into their savings to try to make ends meet. The savings rate a year ago was 5.5%. Now it’s 2.6%. The larger tax refunds are helping keep people afloat, but those will be exhausted by July. Belt-tightening is inevitable later this year,” Long added.

New Federal Reserve Chair Kevin Warsh was sworn in to the role last week and will oversee the central bank’s next monetary policy meeting in mid-June. (Al Drago/Bloomberg via Getty Images)

What does it mean for the Fed and markets?

The Federal Reserve is expected to keep interest rate cuts on pause for the near future, with the CME FedWatch tool showing a 98.8% probability of rates remaining at their current range of 3.5% to 3.75% after the central bank’s meeting next month.

The tool also shows a 47.4% chance rates will remain at their current level through the end of the year, with just a 0.6% chance of a 25 basis point rate cut by that time as opposed to a 39.2% chance of a rate hike of that size.

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The stock market reaction to the PCE inflation report was muted. The benchmark S&P 500 index was little changed at open, while the Nasdaq was 0.5% in morning trading.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Alarum Technologies First Quarter 2026 Earnings Results Conference Call. [Operator Instructions] This conference is being recorded. I’ll now turn the call over to Ehud Helft, Investor Relations at Alarum. Ehud, please go ahead.

Ehud Helft

Thank you, operator. Good day, everyone, and welcome to Alarum Technologies conference call to discuss the results of the first quarter ended March 31, 2026. Joining us today is Mr. Shachar Daniel, Chief Executive Officer; Mr. Shai Avnit, Chief Financial Officer. Shachar will begin with an overview of the quarter and recent business developments, followed by Shai, who will review the financial results and guidance. We will then open the call for questions.

Before we begin, I would like to remind listeners that today’s discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by such statements. Forward-looking statements include, among other things, statements regarding expected market demand, future growth opportunities, infrastructure investments, profitability trends, customer demand patterns, product expansion, future financial guidance and long-term strategic positioning.

For a discussion of these risks and uncertainties, please refer to the company’s filings with the SEC, including the company’s annual report on Form 20-F and subsequent filings. In addition, during this call, the company will discuss certain non-IFRS financial measures, including adjusted EBITDA and non-IFRS gross margin. Definitions and reconciliation to

Operator

Ladies and gentlemen, welcome to the Annual General Meeting of Shareholders of TMC the metals company Inc. Please note that today’s meeting is being recorded.

I would like to introduce you to Mr. Gerard Barron, CEO and Chairman of the company. Mr. Barron, the floor is yours.

Gerard Barron
CEO & Chairman of the Board

Well, good morning or good evening, wherever you are. My name is Gerard Barron, and I’m the Chairman of TMC the metals company Inc., and I am pleased to welcome you to our annual meeting. The meeting is being held virtually as we believe hosting a virtual meeting enables greater shareholder attendance and participation from any location around the world, improves meeting efficiency and our ability to communicate effectively with our shareholders and reduces the cost and the environmental impact of our annual meeting.

At the meeting, registered shareholders and duly appointed proxy holders will have an opportunity to participate, ask questions and vote, all in real time, through a web-based platform. And I would like to remind you that only registered shareholders that have logged in to the meeting with their previously obtained 12-digit control number or duly appointed proxy holders are entitled to vote at the meeting. Ask questions or take an active part in the meeting on the web-based platform. If during the meeting, we encounter any technical difficulties, please remain logged on, and we will resume as soon as practical.

I remind everyone that today’s meeting may include forward-looking statements. These statements are given as of today’s date and involve risks

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