Intel Earnings Spark Semiconductor Selloff as Shares Fall Nearly 30%

Intel shares plunged nearly 30% in Friday trading after the company reported results below expectations and issued a weak outlook, driving a broader semiconductor selloff. The decline erased about $120 billion from Intel’s market value and put the stock on track for its largest one-day drop on record. AMD fell nearly 10%, Micron dropped 5.5% and Nvidia slid 3.3%, taking Nvidia’s market value below $5 trillion. Broadcom opened about 4% lower. Applied Materials fell nearly 5%, while Lam Research lost 5.5%. The selling also reached foundries and suppliers of analog chips, extending beyond companies that design processors.

Source: TokenPost