Our dependency on technology continues to grow.
This economic shutdown without smartphones, high-speed internet, and Netflix would’ve been tough.
The Nasdaq 100 recovered all the losses from the great market reboot in March.
But, it’s only been five companies that lead the Nasdaq 100 back into the green for 2020.
48% of the Nasdaq 100 is weighed into Microsoft, Apple, Alphabet, and Amazon.
Most Overvalued Semi Name
One of the laggards has been Intel Corporation (NASDAQ: INTC).
This has been a dead money name for investors for a while.
The company has a lack of direction and interest to bring on big talent like other exciting tech leaders.
A few days ago, Intel announced that it was is in talks to acquire Israeli mobility data startup Moovit for around $1 billion.
Moovit is the developer of a trip planning app like Waze, which was also an Israeli company.
Waze was acquired in 2013, by Alphabet and Waze’s co-founder Uri Levin serves as Moovit’s chairman.
This deal doesn’t make sense because Intel is a semiconductor company, why is it buying a software company?
After missing the boat on the rise of mobility, Intel has been trying to catch up on driverless cars.
After going through billions trying to catch up, it bought another Israeli company called Mobileye for $15.3 billion back in 2017. Mobileye makes semiconductors for self-driving cars.
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If you’re confused right now, that’s the point.
Despite Intel trying to build for the future, they are losing the current fight.
Intel has spent more than $50 billion on acquisitions over the last five years, and companies like NVIDIA and AMD are eating its lunch.
Intel is falling so far behind that even Apple is starting to design its semiconductors to remove the last of Intel’s chips from its products.
Despite Intel trying to build for the future, they are losing today's battle.
None of these deals are going to move the needle for Intel anytime soon.
Burning Cash
Intel has money to burn with $25 billion in reserves but, you can’t spend your way to growth, you need innovation.
If you’re in this name, where’s the return on investment is going to come from?
As it looks right now, it’’s not coming for a very long time… why it’s dead money.
In early April, I published my favorite pick in this space to Wealthy Tech Investor.
That pick is up 10% from recommendation and will dominate Intel going forward.