Intel stock plunges nearly 30%, its worst day in 52 years
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What just happened? Intel was one of the stock market's biggest surprises this year. Its shares nearly quadrupled between January and a record high in late June – a run fueled by demand for the CPUs behind agentic AI. But on Friday, the chipmaker gave back a huge chunk of those gains in a single session. The stock closed down almost 29% at $65.76, its worst day since 1974.
Oddly enough, the quarter itself went well. Intel beat Wall Street's earnings estimates. Its data center revenue jumped nearly 80% from a year earlier to $7.3 billion, too. But its forecast for the last three months of the year landed well short: analysts had penciled in about $17 billion in revenue. Intel only expects $15 billion to $16 billion.
The weak spot is PCs....
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