Posted 1/26/2024, 10:54:25 AM
Intel Plunges Over 12% as Bleak Outlook and Lagging AI Chip Progress Dims Growth Prospects
- Intel stock tumbles over 12% due to bleak revenue outlook and falling behind in AI chip race
- While AI driving chip sector boom, Intel missing out compared to rivals like Nvidia and AMD
- Intel forecast could miss estimates by over $2 billion, sparking $26 billion market value loss
- Lack of competitive AI-specific chips hurts Intel as its CPUs often used with Nvidia AI chips
- Despite positives like solid margins, Intel's catch-up will be slower than hoped