Shares of Intel plummeted 18 percent following a weak quarterly report that pointed to soft personal computer demand and an operational setback. The company revealed that a factory explosion in Israel will cost approximately $600 million in lost revenue over two quarters. These headwinds dragged down peers like AMD and Broadcom, compounding earlier market declines triggered by an earnings stumble from Alphabet.
Key points
Intel's post-market decline was driven by weakness in the personal computer market rather…: Intel's post-market decline was driven by weakness in the personal computer market rather than enterprise artificial intelligence spending.
The semiconductor index has fallen 21 percent from its June all-time high amid tightening…: The semiconductor index has fallen 21 percent from its June all-time high amid tightening financing terms.
Market analysts believe the negative sentiment surrounding Intel will not necessarily tri…: Market analysts believe the negative sentiment surrounding Intel will not necessarily trigger deeper distress for the broader chip industry.
Sources checked by our analysis pipeline: 1
NEW YORK, Oct 29 : Chip stocks took another hit after Thursday's weak quarterly earnings report from Intel, which could make for interesting dynamics when trading reopens on Friday.
The semiconductor index sold off in post-close trading on Thursday after chipmaker Intel blamed "near term headwinds across the PC industry," sending its shares tumbling 18 per cent in the after-hours session. That followed the SOX's 1.4 per cent drop during the regular session due to a messy earnings report from big AI spender Alphabet on Wednesday.
Intel said a factory explosion in Israel will cost it roughly $600 million in lost revenue over two quarters because it has been shut down for about two weeks. Intel's fall took other big chip stocks down in post-close trading as well.
"Overall semis weakness after hours is primarily a function of INTC guide and negative sentiment spillover," said Michael James, equity sales trader at Rosenblatt Securities.
Intel's problems in the PC sector, an area of technology that does not garner the same scrutiny on Wall Street as the AI buildout, does not seem…
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