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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@lemmy.world to c/technology@lemmy.world

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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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[–] PenisDuckCuck9001@lemmynsfw.com 19 points 3 months ago* (last edited 3 months ago) (2 children)

Ugh, I hope Loongson becomes competitive soon. If AMD gets a monopoly, cpu technology is going to get stagnant. And not decrease in cost.

[–] DScratch@sh.itjust.works 25 points 3 months ago

It's true, but Intel fucked around for years and now they're finding out. I'm happy to watch them stew for a year or so before getting back on their feet.

[–] djsaskdja@reddthat.com 9 points 3 months ago

The x86-64 CPU market has felt stagnant for a while. The real innovation seems to be happening with ARM and mobile. In which Intel is way behind. Might explain some of the news from today.