Intel ($INTC) may excel at making advanced computer chips, but can it turn around its worst year ever? Down 56% YTD, the company is now the second-worst performer in the S&P 500. Declining revenues and growing losses, largely due to efforts to revive domestic chipmaking, have contributed to this slump. And with a $96B market cap, Intel has become so cheap that competitors are eyeing opportunities once thought impossible.

• Yesterday, Apollo Global Management offered Intel a multibillion-dollar “equity-like investment” — a dip-buying deal worth up to $5B.
• This comes just days after reports surfaced that Qualcomm had approached Intel about a potential takeover, a massive deal that would likely drum up antitrust scrutiny.

No turning back: Whether they welcome it or not, Intel seems to be on the auction block. But the company is pressing ahead regardless. Last week, Intel received $3B in CHIPS and Science Act funding, and Amazon ($AMZN) awarded them a “multiyear, multibillion-dollar” contract to build a custom AI chip. However, to see these projects through, Intel needs to complete its two Ohio semiconductor plants, with operations expected to begin in 2027 or 2028.