Intel's stock crash shares an uncanny resemblance to its 2000 bust

Intel ( INTC ) stock's 26-year comeback and subsequent reckoning this year carry an eerie echo of its dot-com days.

On Thursday, the chipmaker's stock reached a 58% peak-to-trough decline over 30 trading days from its Sept. 24 close of $127.39. This latest drawdown was sharper than Intel's dot-com bust in 2000, when the stock fell 53% from its Aug. 31, 2000, close of $74.88 to its Oct. 11, 2000, close of $35.38 in 28 days.

Since June, Intel has erased about $460 billion in its market capitalization.

2026 has been the best of times and the worst of times for the chip giant. Earlier this year, Intel shattered its 2000s-era record high multiple times, climbing to an all-time high of $140.94 in June, as the artificial intelligence boom boosted CPU sales and Intel's new CEO Lip-Bu Tan laid out ambitious plans for new products.

In recent weeks, the stock has gotten hit just as hard in the other direction, suffering its worst single-day drop since 1974 after reporting third quarter earnings on Oct. 29 . The stock collapsed after Intel's forecast for fourth quarter revenue fell short of expectations due to a worse-than-expected decline in PC sales.

Intel hasn't recovered from that rout, and Thursday's broad-based chip stock wipeout only exacerbated the declines. Intel stock dropped another 10% to $52.25 per share by Thursday's close.

While Intel's round trip over the past five months has been ugly, the picture looks rosier when you zoom out. Year to date, Intel stock remains up roughly 42%.

"This is a company that got out ahead of itself," Futurum CEO Daniel Newman told Yahoo Finance last Friday. "I don't think [CEO Lip-Bu Tan] ever asked for it to go up sevenfold. I think if you've actually talked to him, he would say the stock ran well ahead of where it should have been. It was a narrative bet, not an execution bet."