Intel Suffers Worst Day Since 1974 as AI Sell-Off Deepens
Intel shares fell 29% on Friday, on course for their worst day since 1974, after the company gave weaker-than-expected guidance. It blamed a plant shutdown in Israel and weak PC demand. US tech stocks were on track to lose more than $1tn in value, a day after Alphabet lost about $500bn. By early evening the S&P 500 was down about 1.8%, and gold had fallen to a one-year low.
Intel’s finance chief, David Zinsner, said: “Looking ahead, we see the PC slowdown continuing at least through the first half of next year.” Amazon, which plans to spend $220bn this year, also fell after missing forecasts, and Reddit dropped 26%. Kathleen Brookes of XTB said: “Investors have turned ruthless, punishing any signs of disappointment.” The US government’s 10% stake in Intel lost about $12bn in value on the day. Commerzbank said gold’s fall to its lowest level since October 2025 was partly due to forced selling and margin calls after the tech slide.