Intel shares plunge nearly 30% in worst day since 1974 after weak forecast

Intel stock plunged nearly 30% on Friday, on pace for its worst day since 1974, after the chipmaker's fourth-quarter forecast fell far short of Wall Street expectations, erasing nearly $150 billion in market value. The weak outlook overshadowed a strong quarter, where Intel beat estimates with adjusted earnings per share of $0.52 and data center revenue jumped to $7.3 billion. The company expects fourth-quarter revenue of $15 billion to $16 billion, below the roughly $17 billion analysts expected. The PC market is the primary problem, with Intel forecasting shipments to fall about 12% this year and another 10% in 2027. The selloff has also shaved over $10 billion off the US government's 9.9% stake, though it remains worth about three times the purchase price.