Intel on its worst day in 52 years – and what's the connection to Israel?

Intel's stock plunged nearly 30% in a single trading day, the steepest drop since 1974, wiping out about $140 billion in market value. The disappointing forecast for the next quarter, along with the explosion at the Kiryat Gat plant, led to a fall that dragged down the chip sector.

Intel's stock plunged nearly 30% in the last trading day, the steepest daily drop since 1974, wiping out about $140 billion in market value. This came despite better-than-expected financial results for the past quarter, where revenue and profit beat analyst forecasts. Investors focused on the disappointing outlook for the fourth quarter, which projects significantly lower revenue and profit than market expectations. Contributing factors include weakness in the PC business due to a memory chip shortage, massive investments in new manufacturing plants, and the explosion at Intel's Kiryat Gat facility, which caused a shutdown of about two weeks and a revenue hit of roughly $300 million. The declines dragged down the chip sector: Qualcomm and AMD each lost about 11%, and the Nasdaq fell by 2.9%.

Intel on its worst day in 52 years – and what's the connection to Israel?