Intel, Nvidia and the wild swings beneath a calm market – The Irish
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RewardsCompetitionsNewslettersWeather ForecastYour MoneyIntel, Nvidia and the wild swings beneath a calm marketInvestors
are displaying an unusual willingness to rapidly change their mindsProinsias O'MahonySun Aug 09 2026 - 07:10 • 2
MIN READThe Intel chip manufacturing campus, in Leixlip, Co Kildare. Shares in Intel have risen fivefold over the past
year. Photograph: Colin Keegan/Collins Dublin. Can a stock market be simultaneously calm and chaotic?One would be
forgiven for thinking things have been a bit bonkers lately. Individual stocks have taken investors on the proverbial
rollercoaster ride, with spectacular climbs followed by stomach-churning drops.For example, shares in chipmaker Intel,
which employs about 4,900 people in Ireland, have risen fivefold over the past year. However, it has not been a smooth
ride, with Intel plunging more than 40 per cent from its recent peak before rebounding 25 per cent in just five trading
sessions.Shareholders in another chip stock, SanDisk, may consider Intel’s journey almost pedestrian. A year ago, the
company was worth $6 billion (€5.2 billion). By late June, it was worth $350 billion, following a surge of almost
5,500 per cent. READ MOREHewlett Packard Enterprise’s Galway exit packages, and SMEs and AI Ireland needs to widen
scope of the R&D tax credit to attract more investmentJohn Lunn: ‘My true passion for our industry came during my
year with Cartier in Madrid’The Irish emigrant journey now: Graduate from college, spend 10 years abroad, move
homeThose who wondered whether the market had got a little ahead of itself got their answer when shares fell almost 60
per cent over the next four weeks, before rebounding 26 per cent in a single day.Other examples abound. IBM, supposedly
a boring blue-chip company, suffered a record one-day fall of 25 per cent on July 14th. The world’s most valuable
company, Nvidia, lost more than a trillion dollars in market value during the recent market pullback, before rebounding
17 per cent in a week. Apple, Amazon, Alphabet, Microsoft – even among the world’s largest companies, investors are
displaying an unusual willingness to rapidly change their minds, with the market narrative shifting from one day to the
next. And yet, casual index investors may not have noticed a thing. The S&P 500 was flat in July and is up 12 per
cent in 2026. Wall Street’s volatility index, the Vix, trades below historical norms. So, is today’s market
especially volatile? Yes and no. Owen Lamont of Acadian Asset Management compares today’s market to a duck: calm above
the surface, but paddling furiously underneath. Lamont calls this market duck “Crazy Legs”. Index investors sitting
on top have enjoyed a relatively smooth ride, but those holding individual shares are down in the roiling waters below,
where the risks and opportunities are much greater.“So far”, says Lamont, “Crazy Legs shows no sign of
slowing”.Join The Irish Times on WhatsApp and stay up to dateFind managing your money a struggle? The Better with
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