Intel lost nearly a third of its value overnight, posting its worst daily drop since 1974.
On October 30, Intel shares plunged around 29%, wiping nearly $140 billion off its market value in a single day. The Trump administration, which had acquired a stake in Intel, also saw the book value of its shares fall by about $12 billion in one day.
The trigger was the financial forecast Intel had just released. The company expects fourth-quarter revenue of just $15 billion to $16 billion, well below the $17.1 billion analysts had forecast.
The problems are mainly due to two factors: first, an accident at a chip factory in Israel forced production to stop; second, demand for AI computing power drove up memory prices, raising costs for PC manufacturers and putting further pressure on the already weakened traditional computer market.
$INTCB
On October 30, Intel shares plunged around 29%, wiping nearly $140 billion off its market value in a single day. The Trump administration, which had acquired a stake in Intel, also saw the book value of its shares fall by about $12 billion in one day.
The trigger was the financial forecast Intel had just released. The company expects fourth-quarter revenue of just $15 billion to $16 billion, well below the $17.1 billion analysts had forecast.
The problems are mainly due to two factors: first, an accident at a chip factory in Israel forced production to stop; second, demand for AI computing power drove up memory prices, raising costs for PC manufacturers and putting further pressure on the already weakened traditional computer market.
$INTCB
