Intel Corp stumped Wall Street with a dismal first-quarter outlook, triggering a rout in shares of chipmakers on Friday and prompting some analysts to raise concerns about its cash position in a semiconductor downturn.
Intel supplier KLA Corp fell more than 5 per cent after its own dismal forecast, while Advanced Micro Devices, Nvidia, Applied Materials and Qualcom lost between 0.8 per cent and 3.2 per cent. "No words can portray or explain the historic collapse of Intel," said Hans Mosesmann, analyst at Rosenblatt Securities, who was among the 16 analysts who cut their price targets on the stock.
Some analysts said that puts Intel at a disadvantage even when the data center market bottoms out, expected in the second half of 2022, as it would have lost even more share by then.
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