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While most large-cap semiconductor stocks have been on an absolute tear over the last 18 months, Intel (INTC) has trailed its peers by a wide margin. For instance, since the start of 2023, the VanEck Semiconductor ETF (SMH) has more than doubled investor returns, while INTC stock is down close to 30%.
Intel’s underperformance is even more glaring if we look at a 10-year period. Since September 2014, the SMH ETF has returned over 700%, while INTC stock has lost close to 46% in market value.