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T Morning Brief | Intel's results miss expectations, shares slump; OpenAI cuts this round's funding target from $30 billion to $20 billion; Apple Intelligence integrates Alibaba's Qwen

2026-11-02 08:19:37 Source: Caixin.com Author: Bao Yunhong Responsible Editor: Qu Yunxu

November 02, 2026 08:19

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After the market opened on October 30 local time, Intel's share price plunged sharply, with intraday losses at one point exceeding 30%. Image: IC photo

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Intel's results miss expectations, shares slump

On October 30, Intel released its third-quarter financial report. Affected by the shutdown of its factory in Israel and weak demand for personal PCs, Intel gave fourth-quarter revenue guidance of $15-16 billion, below the $17.07 billion expected by analysts. Intel management said on the earnings call that the factory shutdown is expected to cause about $300 million in revenue loss and a 200-basis-point hit to gross margin in the fourth quarter. Affected by the fourth-quarter guidance missing expectations, Intel plunged 29% in a single day, the largest drop since the 1970s, and led chip stocks lower across the board: Qualcomm, AMD, Marvell Technology and ARM all fell about 10%, Nvidia also fell 4.22%, and the Philadelphia Semiconductor Index fell 7.2% in a single day.

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Responsible Editor: Qu Yunxu | Page Editor: Li Donghao Image Editor: Li Bojing

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