Intel’s market value was slashed by $8bn on Friday after the US chipmaker shocked Wall Street with dismal earnings projections, fanning fear of 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 to 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, an analyst at YipitData.