this post was submitted on 02 Aug 2024
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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
273 comments fedilink hide all child comments
 

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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[–] captainlezbian 80 points 4 months ago (3 children)

The stock market is the least stupid way to be addicted to gambling but it’s still one of the dumber addictions to develop.

[–] AdolfSchmitler 17 points 4 months ago (1 children)

For real. At least the odds aren't explicitly against you like casinos.

[–] [email protected] 4 points 4 months ago (1 children)

Except unlike casinos, there are breakers in place to prevent crazy jackpot earnings. Don't expect to 10x your money in a day... Or month.

[–] [email protected] 5 points 4 months ago* (last edited 4 months ago)

Expect? No.

Possible? With trading in puts and calls options definitely.

Still stupidly risky gambling where you loose most of the time? Absolutely

[–] calcopiritus 1 points 4 months ago

Depends of how you look at it, it might be even worse.

At least with casinos you know that mathematically, the more you play the more you lose. With stocks though, you have the hope that you can win it back.