Intel shares plunged about 30% on Friday to around $63.56, heading for their steepest one-day fall since 1974, after the chipmaker issued a weak outlook. Intel expects fourth-quarter adjusted earnings of 25 cents a share on revenue of $15 billion to $16 billion, far below forecasts of 43 cents and $17.1 billion. CFO David Zinsner said the PC slowdown, driven by rising memory and component costs, will last at least through the first half of 2027. An explosion at Intel’s Israel plant earlier this month, which killed two workers, will also cut about $600 million in revenue over two quarters. The drop erased roughly $12 billion from the US government’s 10% stake and about $6 billion from Nvidia’s holding. Intel shares had gained around 150% this year before the report.
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