Reduce INTC by 40-50% given 1:3.7 asymmetric risk/reward against the $81.88 pivot, expanded net debt (+36% to $37.7B), and elevated beta (2.24) into a catalyst-dense August-September window. Hedge the residual 1-2% position with a cost-neutral collar, treating $81.88 as the structural invalidation level and $110.65 as the re-entry confirmation trigger on above-average volume.