🔴 INTC is trading 3% down today as Cerebras IPO highlights AI chip competition

INTC is trading at $116.74 (-3%) in pre-market as the Cerebras Systems IPO highlights intensifying competition in the AI chip market.

• The decline diverges from broader market gains, with the NASDAQ up 0.36% during the same period.
• Investors remain cautious over Intel's stretched valuation of 156x forward P/E and analyst price targets that imply further downside.
• No company-specific news was reported, suggesting the move is fueled by competitive sentiment following the Cerebras public debut.