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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 4 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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[–] Crashumbc 8 points 4 months ago (1 children)

Yeah, it very much depends on who is in charge after November.

[–] TheGrandNagus -3 points 4 months ago* (last edited 4 months ago) (1 children)

There's a whole world outside of the US, you know.

E: the nationalists didn't like that lol

[–] Crashumbc 8 points 4 months ago (2 children)

Huh? We're discussing the merging of two US companies. So I'm not sure what you're going on about. Unless you honestly think the EU (the only ones that could even try) would try to over rule the US about two of its own companies. ROFL

[–] captainlezbian 2 points 4 months ago

Yeah it’s not like Australia can stop them, only force the sale of their Austrian branches. And while that may affect neighboring countries like Croatia and Antarctica it won’t stop the fact that the majority of the company is in one of the Unions of States of America

[–] TheGrandNagus 2 points 4 months ago* (last edited 4 months ago)

Yes? Like they regularly do?

The US, EU, and UK all took issue with Nvidia trying to buy ARM.

The UK and EU had to approve Microsoft buying Activision.

The US is not the only country in the world.