While Intel has seen major missteps with its current investment cycle, there's probably a pretty limited downside for the stock at the moment. Intel's stock currently trades at less than 1x its book value – essentially the net value of its assets after subtracting liabilities. This means the market is pricing Intel at just the value of its tangible assets while completely discounting its technological know-how in chip manufacturing and design, its increasing importance to national security, and its future potential. This creates an opportunity for investors who see potential beyond the company's sizable balance sheet. Intel stock also trades at just about 21x its estimated 2025 earnings, which are depressed by its heavy foundry spending and recent market share losses. Earnings are projected at about $1 per share next year, down from close to $2 in 2022 and about $5 in 2021. As demand picks up, we could see a reversal in both earnings as well as Intel's valuation multiple.