Intel Corp. shares fell more than 6% in New York trading on 20 August, marking their steepest intraday decline since 25 July. The slide erased a portion of a sharp rebound that had lifted the stock 28% earlier in the month. The retreat follows mounting investor concern that the semiconductor maker’s valuation has run ahead of its fundamentals. Intel is trading at about 53 times projected earnings, the richest multiple since early 2002, even as its profits have trended lower in recent years. The earlier rally had added roughly $24 billion in market capitalization, a gain now partially unwound by Wednesday’s sell-off.