Shares of (NASDAQ: INTC) are tumbling on Thursday. The chipmaker's stock lost 10.8% as of 1:40 p.m. ET despite a brief bump earlier on positive news. The decline comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) saw deep red.

A potentially transformative deal with TSMC was overshadowed by China's retaliation to Trump's tariffs.

Intel and Taiwan Semiconductor Manufacturing (TSMC) -- the world's premier chip manufacturer -- have reportedly reached a tentative agreement that could revitalize Intel's struggling foundry business. Under the deal, TSMC would take a 20% stake in a new organization that would operate Intel's semiconductor manufacturing facilities, with Intel and other U.S. semiconductor firms controlling the remainder.

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Source Fool.com