Intel stock plunges after disappointing revenue and profit outlook amid AI competition and trade war concerns.
shares fell more than 8% on Friday as the company's weak revenue and profit forecasts overshadowed new CEO Lip-Bu Tan's strategy to revitalise the embattled chipmaker.
“Intel is so huge that shifting its course is like turning a battleship – it cannot be done on a dime,“ Evercore ISI analysts said. Executives said first-quarter sales were boosted by customers stockpiling chips as growing tariff tensions between the U.S. and China have made buyers wary of future purchases.
Historically, Intel has relied on buying startups to further its AI ambitions. Other than Mobileye which Intel spun out a few years ago, the other deals didn't help the company gain much traction.
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