Intel stock heads for worst day in more than 50 years, wiping $12 billion off government's stake

Intel shares fell 29% on Friday, marking the company's worst single-day drop since 1974. The decline followed weaker-than-expected earnings guidance caused by an Israeli plant explosion and a soft PC market. The stock plunge reduced the value of the U.S. government's 10% stake by approximately $12 billion, while Nvidia's holding lost about $6 billion in value.

Source: Intel stock heads for worst day in more than 50 years, wiping $12 billion off government's stake — CNBC

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Topics: intel · stockmarket · techstocks · aistocks · wallstreet