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Intel faces trouble achieving cost and margin targets

Yahoo Finance's Brian Sozzi discusses why Intel shares are down today.

Video Transcript

BRIAN SOZZI: Before we head to break, let's pull up shares of Intel. Citi chip analyst Chris Danely had dinner with Intel CEO Pat Gelsinger this week and has a few hot takeaways from the meeting. Says Danley, while Intel stated it is in line with expectations on its upcoming manufacturing nodes, our checks indicate there's still some trouble achieving cost and margin targets. Intel also stated that it believes China will not seek to invade Taiwan within the next five years and expects an expansion of the CHIPS Act going forward. The company also lowered third quarter guidance.