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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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[–] Burn_The_Right@lemmy.world 196 points 3 months ago (11 children)

These fucking idiots. All they had to do was pretend they gave a fuck about the chip debacle and play everything slowly. They couldn't even do that. They couldn't even pretend to give a fuck about anyone. Neither their customers nor their employees.

If they replaced the C-suite with the custodial staff, they would be in a significantly better position than they are now. Executives are always dumb as fuck, with very few exceptions. Pre-requisites for the job: narcisism, sociopathy and idiocy.

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