Intel shares slump 28% as turnaround struggle deepens

Quick Summary:

Intel shares sank nearly 28 per cent on Friday and were set for their worst day since 1974 after the company suspended dividend and slashed workforce to fund a costly turnaround for its chip-making business.

Shares of other chip firms also fell, with Arm, Micron Technology, GlobalFoundries and U.S.-listed shares of TSMC trading down between 2.8 per cent and 6.7 per cent.

Its server chip business has been taking a hit for several years as companies prioritize spending on AI chips, where it lags rival Nvidia, which has become one of the world's most valuable firms thanks to booming demand for its processors.

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Article Details

Category: EconomyBusiness

Markets: SingaporeTaiwan

Topics: Company Friday Other Billion Market Bond Nvidia Shares Cent Trading Intel

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 16:33:23 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 762 words

Reading Time: 5 minutes read

Sentences: 31 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 21899959

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