Intel's 'historic collapse' set to erase $10 billion from market value

📆 27/01/2023 2:23 p. m.
📰 VancouverSun

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Intel is set to erase nearly $10 billion in market value on Friday after the chipmaker stumped Wall Street with dismal earnings projections.

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The poor outlook underscored the challenges facing Chief Executive Pat Gelsinger as he tries to reestablish Intel’s dominance of the sector by expanding contract manufacturing and building new factories in the United States and Europe.Article content Analysts said that puts Intel at a disadvantage even when the data centre market bottoms out, expected in the second half of 2022, as the company would have lost even more share by then.

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U.S. stock gains fizzle as Intel renews earnings worry - BNN BloombergGlobal equity momentum fizzled on Friday, after chipmaker Intel's grim quarterly forecast added to investors' trepidation over company earnings, and a robost set of U.S. economic data raised the possibility of continued rate hikes from the Federal Reserve.
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