Intel shares plunge nearly 30% wiping over $11B US stake
Business
Intel's stock just took a historic nosedive, down nearly 30% in a single day, its worst fall since 1974.
This wiped out over $11 billion from the US government's stake, shrinking its value from almost $40 billion to under $30 billion.
The whole episode is a reminder that even big government bets on tech can be risky for taxpayers.
Intel loses $150B after revenue forecast
The US put $8.9 billion into Intel last year to boost chip production, and things looked great when the AI boom sent shares soaring 150%.
But after Intel's latest revenue forecast disappointed Wall Street, the company lost a staggering $150 billion in market value overnight.
It's not just Intel: other tech giants like Alphabet are also struggling, showing how unpredictable the tech world can be right now.