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STORY: Intel was one of the first two tech companies to join the Dow Jones Industrial Average during the late-'90s dot-com boom, along with Microsoft.

But the near 60% decline in the chipmaker's shares this year has made Intel the worst performer on Dow, potentially costing the company its place in the blue-chip index.

"They've had execution and design issues for a significant period of time," said Eye, who's also been concerned with "the massive amount of of capital spending that would be required to build out their foundry business."

As a result, rival AMD "just continues to take market share aggressively from Intel," Eye said.