Intel Sold $20 Billion of Stock at $95 a Share. It Now Trades Below $93.

Intel's $20 billion stock offering on August 10, 2026, priced at $95 per share, has turned immediately underwater, with INTC now trading below $93. The capital raise, which expanded from an initial $15 billion target due to institutional demand, brought total proceeds to approximately $23 billion—one of the largest equity offerings by a tech company in recent years.

The company framed the raise around capturing AI demand, but the swift 2%+ decline signals investor skepticism. Buyers who participated at $95 are now sitting on paper losses, and the stock's inability to hold the offering price suggests the market wants hard earnings proof before validating management's growth thesis.

The timing and scale of the raise—coupled with the immediate post-deal selloff—point to concerns that Intel may have tapped the equity window at peak valuation rather than ahead of an AI-driven inflection.