Intel on course for worst day ever, triggers global chip rout
Summary
Chipmaker Intel is heading toward its largest single-day stock decline in history. This steep drop has triggered a wider market selloff affecting semiconductor companies globally.
Our Take
Intel is down about 29% near $65.60, on pace for its worst day ever, and it's dragging the whole chip sector with it: the SMH semiconductor ETF is down almost 7%, AMD nearly 10% and Nvidia close to 4%. The problem isn't just one bad quarter. Intel can't make enough AI server chips to meet demand while its PC business stays weak, and the market is reading that as a warning for anyone exposed to the same trends, which is why AMD is getting hit hardest. For traders, a gap this size usually needs time to settle. Intel's low of the day is $64.12; holding above it into the afternoon could set up a bounce, while a break lower opens room for more selling. For the sector, watch whether SMH can stabilize above $523. A failure there would keep pressure on the Nasdaq, which is already down about 3%.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Stock Market News