Intel shares fall 29% after weak forecast, their worst day since the 1970s
The Santa Clara chipmaker blamed a PC slowdown caused by soaring memory prices.
Shares of Intel, the Santa Clara chipmaker, fell 29% on Friday, Oct. 30, their worst day since the 1970s, CNBC reported. The drop came a day after Intel forecast weaker sales than Wall Street expected.
Intel said it expects $15 billion to $16 billion in revenue, or total sales, for October through December. Analysts, who study companies for investors, had expected about $17.1 billion, according to data firm LSEG, CNBC reported.
Intel blamed slowing PC sales. AI data centers are buying huge amounts of memory chips, which raises memory prices and makes PCs cost more, TechCrunch reported. "Our customers began signaling a PC slowdown based on the memory prices and availability," CEO Lip-Bu Tan said on a call with analysts.
The fall cut about $12 billion from the value of the U.S. government's 10% stake in Intel, CNBC reported. Other chip stocks fell too. Qualcomm dropped 11%, Broadcom more than 5% and Nvidia 4%.
Before the report, Intel shares had risen about 150% this year, CNBC said.
Source: CNBC, "Intel shares fall after earnings amid AI spending concerns," Oct. 30, 2026 and TechCrunch, Oct. 30, 2026.