Intel's 'historic collapse' triggers selloff in chip stocks

Five of the biggest U.S. chipmakers were set to erase nearly $15 billion in market value on Friday after Intel Corp stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market.

"No words can portray or explain the historic collapse of Intel," said Rosenblatt Securities' Hans Mosesmann, who was among the 21 analysts who cut their price targets on the stock. "AMD's Genoa and Bergamo chips have a strong price-performance advantage compared to Intel's Sapphire Rapids processors, which should drive further AMD share gains," said Matt Wegner, analyst at YipitData.

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Intel's 'historic collapse' sparks selloff in chip stocksIntel Corp stumped Wall Street with a dismal first-quarter outlook, triggering a rout in shares of chipmakers on Friday and prompting some analysts to raise concerns about its cash position in a semiconductor downturn.The company's shares were down 10 per cent in premarket trading after Intel predicted a
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