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Intel's stock drops 30% overnight —company sheds $39 billion in market cap | As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's (www.tomshardware.com)

submitted 3 months ago by ForgottenFlux to c/technology

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Intel's stock dropped around 30% overnight, shaving some $39 billion from the company's market capitalization since rumors of a pending layoff first emerged. The devastating results come after the chip giant reported a loss for the second quarter, complained about yield issues with the Meteor Lake CPU, provided a modest business outlook for the next few quarters, and announced plans to lay off 15,000 people worldwide.

When the NYSE closed on July 31, Intel's market capitalization was $130.86 billion. Then, a report about Intel's massive layoffs was published, and the company's market capitalization dropped sharply to $123.96 billion on August 1. Following Intel's financial report yesterday, the company's capitalization dropped to $91.86 billion. Essentially, Intel has lost half of its capitalization since January. As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's.

As Intel's actions look rather desperate, analysts believe that Intel's challenges are existential. "Intel's issues are now approaching the existential," Stacy Rasgon, an analyst with Bernstein, told Reuters.

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[–] [email protected] 130 points 3 months ago* (last edited 3 months ago) (16 children)

Brutal, nearly the lowest since 2008. Makes me want to buy in at this point.

Edit: I bought a few shares, so now they're sure to go bankrupt by tomorrow.

Edit 2: ayyy did I actually catch a falling knife for once? It's still going up after hours.

[–] [email protected] 43 points 3 months ago (12 children)

The market does tend to overreact so this is possible a sign to buy low. I can't be bothered to check the fundamenals but it seems unlikely that amd is a better investment long term. If you are not looking at least 5 years to the future stocks are a bad idea.

[–] bluemellophone 35 points 3 months ago (2 children)

Fundamentals: Intel powers the US military industrial complex, they’ll weather this storm.

[–] roguetrick 5 points 3 months ago* (last edited 3 months ago) (1 children)

And the frank truth is, if things heat up on the Taiwan strait, TSMC is toast and Samsung won't be able to pick up the slack.

[–] trolololol 7 points 3 months ago (1 children)

It's going to take 3d chess from China to put their hands in TSMC without US bringing in "democracy". That factory is more strategic than oil.

[–] roguetrick 2 points 3 months ago (1 children)

It ain't worth a nuclear war. Why do you think the feds are so focused on domestic manufacturing? The Arizona TSMC factory is just shipping workers from Taiwan it's so dependent. I'd hate to see what the actual supply chain looks like.

[–] trolololol 1 points 3 months ago

For each politician doing something good there's 10 to undo it. Let's see.

[–] trolololol 1 points 3 months ago

Nah a lot of companies dead to economy power obsolete government things (army is part of govt by the way) and they just get special contracts and otherwise just fully die.

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