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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. “It is now clear why Intel needs to cut so much cost as the company’s original plans prove to be fantasy,” brokerage Bernstein said.

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