Intel Corporation (NASDAQ:INTC) shares are trading marginally lower by 0.72% to $36.94 Thursday morning. The stock is trading lower amid reports Intel will start hiking prices for customers due to ongoing rising costs.
What Happened?
Per a report by CNBC, Intel said on Thursday the company has begun “informing customers of its plan to raise prices for many of its chip products due to rising costs, a move that the company had first hinted in its first-quarter earnings call on April 28.”
CNBC says the price increases by Intel could come into effect in autumn.
Why it Matters
Shares of several companies in the broader technology sector, including Intel, have been trading lower amid overall market weakness as stocks fall following recent Federal Reserve rate hikes, which has pressured markets. Supply chain issues have weighed on the sector this year.
According to data from Benzinga Pro, Intel has a 52-week high of $57.46 and a 52-week low of $35.54.
