Intel shares plummet 28% due to dividend suspension and job cuts, concerns about competitiveness

From Nasdaq.: 2024-08-02 11:49:01

Intel shares plunged 28% on Friday, a record low, due to dividend suspension and job cuts for turnaround. Concerns arise about Intel’s competitiveness against TSMC. Market value to drop $35 billion; chip stocks like Nvidia see declines. Intel faces skepticism in recovering with reduced analyst price targets.

Intel’s market value, once high at $500 billion, struggles amid server chip challenges and costly turnaround efforts. Future relies on persuading companies for manufacturing services. Rising costs and narrow profit margins add pressure while recent earnings report impacts bond trading negatively. Recovery may take years.



Read more at Nasdaq.: Tech Sector Hit as Intel Leads Market Downturn