Economy / Markets

Intel's 28.6% slide is its worst session since 1974 and drags chip stocks down

Intel closed down 28.6% at $65.76 on Friday, its steepest one-day fall since July 1974, after guiding fourth-quarter revenue to $15-16 billion against roughly $17 billion expected and earnings of 25 cents a share against 43 cents forecast. The company blamed a PC market squeezed by AI-driven memory costs and a fatal explosion at an Israeli fab. The Philadelphia semiconductor index fell 7.2% and the cost of insuring Intel debt hit a record.

By News Desk · Edited by Editorial Desk · Saturday, 31 October 2026

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