Intel Corporation stock plummeted 27% in early trading following a disastrous third-quarter earnings report, where the semiconductor giant reported a staggering $16.6 billion net loss driven by massive impairment and restructuring charges. Chief Executive Officer Pat Gelsinger confirmed plans to cut over 15,000 jobs and suspend the company’s long-standing dividend to conserve capital.
Intel's collapse is INSANE.
The stock is down over 27% overnight.
The reason: AI is eating the PC market.
Memory supply is going to AI data centres. PC prices spike, demand craters, & the slump runs into 2027.
The stock doubled this year on AI hopes. AI is what killed it.… pic.twitter.com/tM879mqrbi
— Nic (@puckrin) October 30, 2026
Intel's collapse is INSANE.
The stock is down over 27% overnight.
The reason: AI is eating the PC market.
Memory supply is going to AI data centres. PC prices spike, demand craters, & the slump runs into 2027.
The stock doubled this year on AI hopes. AI is what killed it.… pic.twitter.com/tM879mqrbi
— Nic (@puckrin) October 30, 2026
The sharp sell-off caps a tumultuous period that began on August 1, when Intel first announced sweeping cost-reduction measures and a 15% headcount reduction after missing revenue targets, sending shockwaves across the tech sector.
https://www.cnbc.com/2026/08/01/intel-q2-2026-earnings.html
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