Intel follows Alphabet and loses billions in stock valuation overnight

• Intel is facing a 25% drop in its share price, wiping out more than $120 billion in market valuation overnight.
• The company missed fourth-quarter earnings forecasts by up to $3 billion, expecting adjusted profit per share to fall 40% below projections.
• The financial hit stems from higher memory chip costs, weakening demand for PC sales, and ongoing supply chain shortages.
• Intel CEO Lip-Bu Tan warned that rising component costs present a severe challenge across the entire tech industry.
• The decline contributes to broader tech market instability, following a major drop in Alphabet shares over artificial intelligence spending concerns.

IN FULL

Intel stock drops 25% after $500bn wiped off value of Google’s parent company Alphabet