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

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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.

“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 centre market bottoms out, expected in the second half of 2022, as the company would have lost even more share by then.

“The magnitude of the deterioration is stunning, and brings potential concern to the company’s cash position over time.”

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