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Intel's 12% slide erases more than US$26 billion from market value

Bloomberg
Bloomberg10/23/2021 9:59 AM GMT+08  • 2 min read
Intel's 12% slide erases more than US$26 billion from market value
For the first time, Intel is smaller than Broadcom Inc
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Intel Corp shares plummeted to their lowest close since December on Friday, after the chipmaker reported third-quarter results and detailed a spending plan that it said would pressure profitability over the next few years.

The stock fell 12%, its biggest one-day percentage decline since July 2020, marking the sixth straight quarter where Intel’s results were met with a negative reaction. The drop to US$49.46 a share erased US$26.6 billion in value, according to data compiled by Bloomberg, cutting its market capitalization to about US$201 billion. For the first time, Intel is smaller than Broadcom Inc, which has a market valuation above US$212 billion.

The Philadelphia Stock Exchange Semiconductor Index fell 1.2% on Friday, though some names are expected to benefit from Intel’s spending plans. Semiconductor capital equipment stocks were especially strong, with Applied Materials Inc up 1.9% and KLA Corp up 2.2%. Lam Research rose 0.2%.

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