Intel Earnings Spark Semiconductor Selloff as Shares Fall Nearly 30%

Intel shares plunged nearly 30% in Friday trading after the company reported results below expectations and issued a weak outlook, driving a broader semiconductor selloff.

The decline erased about $120 billion from Intel’s market value and put the stock on track for its largest one-day drop on record. AMD fell nearly 10%, Micron dropped 5.5% and Nvidia slid 3.3%, taking Nvidia’s market value below $5 trillion. Broadcom opened about 4% lower.

Applied Materials fell nearly 5%, while Lam Research lost 5.5%. The selling also reached foundries and suppliers of analog chips, extending beyond companies that design processors. The weakness was part of a wider pullback in technology shares.

Amazon’s earnings shortfall added to pressure on tech stocks and renewed concerns about the AI investment trade. Chip equipment makers are especially sensitive to manufacturers’ capital-spending plans, including investment in memory and logic chips. The declines touched chipmakers and suppliers across several parts of the industry.