GoKawiilIntel shares plunge 28% on weak Q4 forecast, cutting US stake value by $12B
Intel stock fell about 28% on Friday after the company projected fourth-quarter revenue of $15-16 billion, below analyst expectations of roughly $17 billion, and warned gross margins would drop to 37% from 43% with no positive cash flow expected. The decline cut roughly $12 billion from the value of the US government's 10% stake in Intel, acquired over a year ago, and also dented Nvidia's shares along with the wider chip sector.