Intel's stock price plunged 29%, wiping out more than $137 billion in market value
Intel's stock price plunged 29% on Friday, marking the chip company's largest single-day decline and wiping out more than $137 billion in market value. The continued downturn in the PC market offset its large-scale investments in AI and manufacturing capacity expansion. The company expects fourth-quarter revenue of $15-16 billion, below the analysts' average estimate of $17.07 billion. Semiconductor companies including AMD, Arm Holdings, Qualcomm, Nvidia, Broadcom, and Micron saw their stock prices fall between 2% and 10%, while server manufacturers such as Dell, HPE, and Supermicro fell between 6% and 10%.
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The original text provides Intel's single-day decline, market value loss, and revenue guidance, allowing readers to understand the overall impact of the PC market downturn on chip stocks.
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Intel shares plunged 29% on Friday, marking the chip giant's largest single-day decline, and the entire tech stock market fell in tandem. Intel's market value evaporated by more than $137 billion, as the continued slump in the PC market offset the company's massive investments in AI and manufacturing capacity expansion. Shares of semiconductor companies including AMD, Arm Holdings, Qualcomm, Nvidia, Broadcom and Micron fell between 2% and 10%. Shares of server manufacturers including Dell, HPE and Supermicro fell between 6% and 10%. Intel expects fourth-quarter revenue to be between $15 billion and $16 billion, below the analysts' average estimate of $17.07 billion, and Intel Chief Financial Officer David Zinsner also said the company does not expect to achieve positive cash flow this year. The downturn in the PC market will persist at least through the first half of next year.