Intel Stock Suffers Worst Fall Since 1970 Amidst Israel Plant Issues

Times of India · stocks

Intel shares plummeted 28.58% on Friday, marking their worst decline since 1970, following a weak earnings forecast. The company cited an extended shutdown at its Israeli chip plant, caused by a fatal explosion, which is expected to cost $600 million in revenue. This disruption, coupled with a slowdown in the personal computer market, led to revenue and earnings forecasts missing analyst expectations. The sell-off significantly impacted the US government's stake in Intel, erasing approximately $12 billion in value.