Oct 31, 2026
Intel stock fell 28.6% on Fri, Oct 30 after a weak PC forecast
Intel stock fell 28.6% on Fri, Oct 30 after it forecast fourth-quarter revenue of $15 billion to $16 billion, below the roughly $17.1 billion analysts expected. The S&P 500 fell 1.8% and the Nasdaq fell 2.9%.
Sir Toastimir
Footage: Intel Newsroom, NYSE
Not financial advice. This is a news recap, not a recommendation to buy or sell any stock.
Intel stock fell 28.6% to $65.76 on Friday, October 30, down from $92.07 the day before. Intel reported third-quarter results after the close on Thursday, October 29, and its outlook for the fourth quarter came in well below estimates.
The market on Friday
The S&P 500 fell 1.8% to 7,580.07, its worst day since June. The Nasdaq Composite fell 2.9% to 25,437.00, and the Dow fell 1.1% to 51,770.31. Reuters and AP tied the tech sell-off to worries about the cost of the AI boom after earnings from Alphabet, Amazon and Intel.
Why Intel fell
Intel forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, below the LSEG analyst estimate of about $17.1 billion. It guided fourth-quarter adjusted earnings per share to $0.25, against about $0.43 expected. Chief financial officer David Zinsner said: "We see the PC slowdown continuing at least through the first half of next year."
Reuters tied the pressure on Intel's PC chip business to soaring memory prices, as memory makers shift production toward the high-bandwidth memory chips used in AI systems. The fourth-quarter guidance also accounts for an extended shutdown at one of Intel's factories in Israel.
The quarter itself
Third-quarter revenue was $16.5 billion, up 21% from a year earlier, with adjusted earnings per share of $0.52. Data Center and AI revenue was $7.3 billion, up 78%. Before the report, Intel shares had more than doubled in 2026.
The US government holds about a 10% stake in Intel, roughly 433 million shares. That stake lost over $11 billion in value on Friday.
Other chip and AI moves
AMD fell 10.9% to $504.80, Qualcomm fell 11.1% to $164.79 and Nvidia fell 4.2% to $204.64. The PHLX Semiconductor Index fell 7.2% to 10,688.80. Amazon fell 1.4% to $240.35 after its third-quarter results missed estimates.
Footage in the video
Clips are from Intel Newsroom videos of its Fab 52 factory in Arizona, and the NYSE closing bell. Links are below.
Links
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