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

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Intel Corp was set to erase nearly $10 billion in market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market.The company predicted a surprise loss for the first quarter and its revenue forecast was $3 b

Intel Corp was set to erase nearly $10 billion in market value on Friday after the U.S. chipmaker 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. The company has been steadily losing market share to rivals like AMD, which has used contract chipmakers such as Taiwan-based TSMC to make chips that outpace Intel's technology.

Analysts said that puts Intel at a disadvantage even when the data center 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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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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