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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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[–] fatalicus 9 points 4 months ago (2 children)

Just a regular stock buy, so up. Lost around 200k so far.

But he did say he was going to sit on the stocks for some years, so might get some back.

[–] Subverb 4 points 4 months ago

💎 🙌

[–] [email protected] 3 points 4 months ago (1 children)

Ironically, I suspect they would be a solid long term play right now.

[–] Squizzy 3 points 4 months ago

If you bought the day before an earnings report with the premise being a long term hold, as the company stock was dropping, you would wait and buy after.