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Market Analysis
Stocks to Watch Today: Intel, CrowdStrike, and Amazon
Three major tech companies—Intel, Amazon, and CrowdStrike—are making headlines with significant corporate announcements and stock movements.
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In a volatile market, three tech giants are making waves with significant announcements and stock movements. Intel Corporation (NASDAQ: INTC), Amazon.com Inc. (NASDAQ: AMZN), and CrowdStrike Holdings Inc. (NASDAQ: CRWD) are capturing investor attention with strategic shifts, AI advancements, and earnings updates.
Intel Corporation (INTC) Mulls Foundry Split
Intel’s stock surged 8.53% to $21.85 on reports that the company is exploring a potential split of its chip design and manufacturing operations.
This strategic move comes as Intel grapples with mounting losses and intensifying competition in the AI chip market. The company reported a net loss of $1.61 billion in Q2 2024 and plans to lay off about 15,000 employees to reduce costs by $10 billion annually by 2025.
Despite securing nearly $20 billion in U.S. grants and loans to boost chip production, Intel’s stock remains down 55.94% year-to-date, significantly underperforming the S&P 500.
Amazon.com Inc. (AMZN) to Use Anthropic’s Models in Supercharging Alexa with AI
Amazon’s stock climbed 1.70% to $175.04 following news that the e-commerce giant plans to use Anthropic’s Claude AI models to power a revamped version of Alexa. The new “Remarkable” Alexa, set for release in October, will offer enhanced conversational abilities and more complex task execution for a monthly fee of $5 to $10.
This move represents a significant departure from Amazon’s typical preference for in-house technology development. With an estimated 100 million active Alexa users, analysts project potential annual revenues of $600 million if 10% opt for the paid version. Amazon’s stock has shown a year-to-date return of 15.21% and a five-year return of 95.98%.
CrowdStrike Holdings Inc. (CRWD) Gains as CEO Addresses Delta Situation
CrowdStrike’s stock rose 0.75% to $273.70 as CEO George Kurtz addressed the recent IT outage that affected businesses worldwide, including Delta Airlines (NYSE: DAL).
Kurtz acknowledged the incident’s impact and expressed willingness to find a resolution with affected clients. Despite the challenges, CrowdStrike beat Wall Street’s expectations for earnings and revenue, though it lowered its full-year guidance.
The company’s stock has demonstrated strong performance with a year-to-date return of 7.23% and an impressive five-year return of 226.64%. Analysts maintain a positive outlook with a one-year target estimate of $324.80.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. Stock prices quoted at the time of writing (12:16 PM EDT).
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
