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Intel Plunges 29% Intraday as Tech Selloff Deepens
Summary
- Intel's stock price plunged nearly 29% in intraday trading, with selling pressure spreading across the broader technology sector.
- Intel's fourth-quarter revenue outlook came in well below market expectations, while a slump in the PC market and rising memory prices also weighed on sentiment.
- Major technology stocks including Amazon, Nvidia and AMD also traded lower, while cost burdens tied to expanded AI infrastructure investment and profitability concerns dampened investor sentiment.
Forecast Trend Report by Period
Intel shares plunged nearly 29% in intraday trading, as mounting concerns over the cost of artificial intelligence investment fueled a broader selloff in technology stocks.
As of 10 a.m. on October 30, Intel was trading at $65.58 on the Nasdaq, down 28.77% from the previous session.
The sharp decline appeared to be driven by weak earnings guidance. Intel said a day earlier that it expects fourth-quarter revenue of $15 billion to $16 billion. That fell short of the market forecast of $17.07 billion. A slump in the PC market and rising memory prices also added pressure.
The selloff spread across the broader tech sector. Amazon, Nvidia and AMD were all trading lower, while the tech-heavy Nasdaq Composite fell more than 2%. Concerns over the cost of expanding AI infrastructure and pressure on profitability dampened investor sentiment.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.