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Intel's stock drops 30% overnight —company sheds $39 billion in market cap | As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's (www.tomshardware.com)

submitted 3 months ago by ForgottenFlux@lemmy.world to c/technology@lemmy.world

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Intel's stock dropped around 30% overnight, shaving some $39 billion from the company's market capitalization since rumors of a pending layoff first emerged. The devastating results come after the chip giant reported a loss for the second quarter, complained about yield issues with the Meteor Lake CPU, provided a modest business outlook for the next few quarters, and announced plans to lay off 15,000 people worldwide.

When the NYSE closed on July 31, Intel's market capitalization was $130.86 billion. Then, a report about Intel's massive layoffs was published, and the company's market capitalization dropped sharply to $123.96 billion on August 1. Following Intel's financial report yesterday, the company's capitalization dropped to $91.86 billion. Essentially, Intel has lost half of its capitalization since January. As of now, Intel's market value is a fraction of Nvidia's worth and less than half of AMD's.

As Intel's actions look rather desperate, analysts believe that Intel's challenges are existential. "Intel's issues are now approaching the existential," Stacy Rasgon, an analyst with Bernstein, told Reuters.

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[–] blindbunny@lemmy.ml 18 points 3 months ago (3 children)

Those fuckers better not stop making graphics cards because of this...

[–] linearchaos@lemmy.world 16 points 3 months ago (2 children)

Unless the person running that project is owed a personal favor I don't think there's a chance in hell it's going to survive. I'm pretty sure they're running the video card side of the business at a substantial loss trying to catch up with market share and tech.

[–] blindbunny@lemmy.ml 16 points 3 months ago (1 children)

I know you're right but it's so short sighted and we waited so long to have a graphs card triopoly...

[–] linearchaos@lemmy.world 7 points 3 months ago

We need somebody That's not willing to collude with AMD and Nvidia. Maybe we'll get lucky and they'll spin that company off.

[–] FrankFrankson@lemmy.world 2 points 3 months ago* (last edited 3 months ago)

I would guess there is no way in hell they are going to stop making GPUs becuase GPU development leads directly to their ability to make better AI accelerators. I could see them backing off of CPU prodiction before cutting out GPUs.

[–] TheGrandNagus@lemmy.world 4 points 3 months ago* (last edited 3 months ago)

They practically already have.

Arc came out years late and was a flop. It still can't run a huge amount of games, and where it does, it competes with cards on an inferior node with much smaller die sizes than Arc, that have better stability and significantly lower power consumption.

Battlemage was supposed to be "high performance" (although in Intel speak that likely means mid range at best), but most of the SKUs got cancelled.

They're bringing Battlemage as a graphics tile on their mobile CPUs. But I wouldn't be surprised if they also did a desktop release, like AMD did for the 6400/6500 XT.

Going against AMD/Nvidia in the desktop graphics space is on the back-burner. Hopefully they'll come back to it if they improve their drivers enough, and get better at GPU design.

[–] itsnotits@lemmy.world -2 points 3 months ago

Those fuckers had* better not