Intel hits worst day since 1974 as shares plunge 30%

Intel shares are plunging about 30% on Wall Street, erasing roughly $145 billion in market value, heading toward its worst trading day since 1974 following pessimistic fourth-quarter forecasts. The broader market is also falling, with the Nasdaq down 2.65%. The chipmaker's stock trades near $64.70, down from about $92 at yesterday's close, cutting its market value to around $343.5 billion. Intel forecast fourth-quarter revenue of $15-16 billion, below the $17.1 billion analysts expected, despite third-quarter revenue rising 21% to $16.51 billion. The company cited a slowing PC market, higher memory prices, and a factory explosion in Israel that killed two people, with an estimated $600 million revenue impact over two quarters. Other tech giants like Broadcom and Nvidia also traded lower.