Foreign stocks: “Anyone buying Intel needs to have a head for heights”
After weeks of gains, tech stocks are now under selling pressure—not just in the U.S., but also in Asia and Europe. Has the sector run its course, or is this just a brief pause? Opinions are divided.
June 11, 2026. FRANKFURT (Deutsche Börse). SK Hynix, Micron, Nvidia, Samsung, Intel – trading in foreign stocks continues to revolve almost entirely around tech stocks. What stands out this time: it’s not just the Magnificent 7 that are generating the highest trading volumes. Tech stocks from South Korea, Taiwan, China, and Japan are also in the mix. The top European stock: Dutch semiconductor equipment maker ASML (NL0010273215) at No. 18. And the top non-tech stock: Novo Nordisk (DK0062498333) at No. 20.
Most tech stocks hit all-time highs last week—and have since fallen. The Nasdaq 100 had risen to a new record of 30,747 points; by Thursday morning, it had dropped back to 28,508 points. Since the start of the year, however, it is still up 13 percent, and 30 percent over the past 12 months.
Google’s parent company, Alphabet (US02079K3059), has nearly doubled in price—in euro terms—since June 2025. “With the widespread introduction of AI while simultaneously growing its advertising business, Alphabet has managed to square the circle. In addition, its cloud business—which has been profitable for three years—is also growing strongly,” explains Torsten Tiedt of Aktienfinder. With a P/E ratio of 24, the stock may seem overvalued. However, the chances of an even higher share price in a few years are good, “provided that the billions invested in expanding the data centers pay off.”
SpaceX to be traded in Frankfurt immediately.
Tomorrow, Friday, marks the highly anticipated initial public offering (IPO) of Elon Musk’s space and satellite company SpaceX—arguably one of the largest IPOs in stock market history. When SpaceX goes public on the New York Stock Exchange’s Nasdaq tomorrow, its shares will also be available for trading on the Frankfurt Stock Exchange at the same time. This is made possible by the company’s inclusion in trading on the same day.
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“AI at Apple Is Not a Game Changer”
Apple’s stock price (US0378331005) has risen by 46 percent in euros since June 2025. The U.S. bank JPMorgan has just reaffirmed its “Overweight” rating for Apple, with a price target of $325 (currently $292). CEO Tim Cook reportedly met expectations for a new Siri and additional AI features at the ongoing Apple Worldwide Developers Conference. Other banks are more cautious. UBS has maintained its “Neutral” rating for Apple with a price target of $296. While Apple continues to make progress in AI, it is doing so at a moderate pace. UBS does not see this as a “game changer” for demand.
“Unlike other Magnificent 7 companies, Apple is not investing billions upon billions in AI data centers, nor has it invested billions in stakes in loss-making LLM (Large Language Model) operators,” notes Torsten Tiedt. Instead, the company is focusing on the same core competencies it had before the AI boom: the iPhone and its ecosystem. Both are solid business areas that have already proven their success. However, investors are paying a high price for this certainty, with a P/E ratio of 34 based on adjusted earnings. “Too high in our view, which is why it’s worth waiting for a pullback.”
“Intel Has Been in the Red for Three Years”
For the US semiconductor company Intel (US4581401001), the stock price has been flat for many years, but this year it has risen rapidly from 31 to nearly 115 euros. “Intel is one of the late AI winners,” notes Tiedt, citing the bet on the new foundry business (contract manufacturing) as the reason. From a fundamentally sober perspective, however, Intel is a company that has been in the red for three years and is investing many billions in a market to compete against giants like TSMC and Samsung. “Anyone still buying Intel after the price surge must have a head for heights.”
Torsten Tiedt
“AMD Is Best Positioned”
In contrast, Advanced Micro Devices (US0079031078) is already making “good money” today, both with traditional processors for PCs and servers and with AI accelerators for data centers. “Furthermore, AMD has its chips manufactured by TSMC, which is why the company can avoid the costly investments Intel is making.” However, with a P/E ratio of 107, buying the stock would only be worthwhile if the AI boom lasts for at least the next three years. The British investment bank Barclays is also confident and has raised its price target from $500 to $665 (currently $452) with an “Overweight” rating. Traditional central processing units (CPUs) are catching up, it says. AMD is best positioned to benefit from this shift.
By Anna-Maria Borse, June 11, 2026 © Deutsche Börse AG
About the Author
Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.
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