Intel share plunge drags down global chip stocks from TSMC to Samsung
Pat Gelsinger, chief executive officer of Intel Corp., speaks during the Computex conference in Taipei, Taiwan, on Monday, June 4, 2024. Gelsinger took the stage at the Computex show in Taiwan to talk about new products he expects will help turn back the tide of share losses to peers, including AI leader Nvidia Corp. Photographer: Annabelle Chih/Bloomberg via Getty Images
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Intel shares plunged the most in 50 years on Friday, reaching a price not seen since 2013, after the chipmaker reported a big earnings miss and announced a massive restructuring.
The stock plummeted 26% to $21.48 at the close. It was the second worst day ever for the shares, behind only a 31% drop in July 1974, which was three years…
