$Intel(INTC)$ Intel's days of riding their x86 dominance are long gone. Once could argue they haven't had any alternative "blockbuster" product. In fact, they have entered and exited a number of products because they were dilutive to their x86 margins (e.g. Atom processors, memory products, etc).
In the booming tech market of the past few years, they have constantly underperformed versus their competition (and, in the tech world, growth plays a big part in valuation).
The AI expansion is well underway and, technologically, Intel will struggle to close the gap. Their bread and butter (CCG) is, at best, a mature commodity market subject to single digit growth. IDM 2.0? Huge gamble that will take years to play out.
Investors need to take a long investment horizon. Until then, it will be a bumpy road.
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