this post was submitted on 02 Aug 2024
1095 points (99.2% liked)

Technology

61227 readers
5122 users here now

This is a most excellent place for technology news and articles.

Our Rules

  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each other!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed
  10. Accounts 7 days and younger will have their posts automatically removed.

Approved Bots

founded 2 years ago
MODERATORS
L3s@lemmy.world
enu@lemmy.world
technopagan@lemmy.world
L4s@lemmy.world
1095
Intel's stock drops 30% overnight —company sheds $39 billion in market cap | As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's (www.tomshardware.com)
submitted 6 months ago by ForgottenFlux@lemmy.world to c/technology@lemmy.world
273 comments fedilink hide all child comments
 

Intel's stock dropped around 30% overnight, shaving some $39 billion from the company's market capitalization since rumors of a pending layoff first emerged. The devastating results come after the chip giant reported a loss for the second quarter, complained about yield issues with the Meteor Lake CPU, provided a modest business outlook for the next few quarters, and announced plans to lay off 15,000 people worldwide.

When the NYSE closed on July 31, Intel's market capitalization was $130.86 billion. Then, a report about Intel's massive layoffs was published, and the company's market capitalization dropped sharply to $123.96 billion on August 1. Following Intel's financial report yesterday, the company's capitalization dropped to $91.86 billion. Essentially, Intel has lost half of its capitalization since January. As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's.

As Intel's actions look rather desperate, analysts believe that Intel's challenges are existential. "Intel's issues are now approaching the existential," Stacy Rasgon, an analyst with Bernstein, told Reuters.

you are viewing a single comment's thread
view the rest of the comments
[–] brucethemoose@lemmy.world 16 points 6 months ago (2 children)

Time to buy?

I'm pretty sure the US gov views them as too big to fail. Surely they can't mess up Xe, Falcon Shores, and the foundry business, right?

RIGHT!?

[–] catloaf@lemm.ee 12 points 6 months ago (1 children)

They could, but the US government has a strong interest in keeping them around. Not only do they do a huge amount of development, and not just on CPUs, but they also have the largest share of government purchasing by far.

[–] trolololol@lemmy.world 0 points 6 months ago* (last edited 6 months ago)

Yep maybe but I think the difference of IT and banks is that if your research and innovation department get defunded you are basically selling the same shit year over year but competitors are not.

[–] brucethemoose@lemmy.world 3 points 6 months ago* (last edited 6 months ago)

I bought AMD at $8 a share (and still hold it, and Xilinx that got folded into it), and I am buying some Intel soon.

The price is right.

I may be an idiot, but I was right once.