Intel (NASDAQ: INTC) stock is losing ground in Friday's trading. The semiconductor company's share price was down 4.6% as of 11:40 a.m. ET amid the backdrop of a 1.6% decline for the S&P 500 index and a 2% fall for the Nasdaq Composite index.

Shares of Intel (NASDAQ: INTC) were spiraling again last month as the surprise "retirement" of former CEO Pat Gelsinger offered more evidence of the disarray the company is in as it struggles to keep pace in the booming chip sector.

Intel Corporation INTC has plunged 57.6% over the past year against the semiconductor industry’s growth of 117.9%, lagging its peers Advanced Micro Devices, Inc. AMD and NVIDIA Corporation NVDA. Much of this underperformance is perceived to be the fallout of severe financial difficulties and operational challenges.