Intel Stock Plunges 29%, Its Worst Day Since 1974

Intel stock fell about 29% on Friday, October 30, 2026, closing near $65 in what Traders Union called the stock's worst single day since 1974. The sell-off followed Intel's third-quarter earnings on October 29: profit beat forecasts, but a weak fourth-quarter outlook, supply problems and a wave of analyst downgrades overshadowed the beat.

What happened

Intel reported results after the US market closed on Thursday, October 29. According to 24/7 Wall St., the shares had closed at $92.07 on Thursday and ended Friday at $65.76, a fall of about 28.6%. InvestingLive described a drop of more than 22% in after-hours trading on Thursday, so losses deepened during Friday's session.

Benzinga reported the stock down 29.1% at $65.25 in Friday morning trading, on track for its steepest one-day fall since July 1974. Reported figures differ slightly (roughly 28.6% to 29%) depending on the outlet and the time of day.

The fall was large enough to make headlines on its own. 24/7 Wall St. estimated that the US Commerce Department's stake in Intel lost more than $10 billion in value in one day.

The numbers: Intel Q3 2026 earnings

Here is what Intel reported for the quarter ended September 2026, according to its earnings release filed with the SEC and coverage by GuruFocus:

• Revenue: $16.5 billion, up 21% from a year earlier.
• Earnings per share (EPS): $0.60 on a GAAP basis and $0.52 on a non-GAAP basis. (GAAP follows standard accounting rules; non-GAAP, or "adjusted," removes some one-off items.) 24/7 Wall St. said analysts had expected adjusted EPS of $0.41.
• Data center: Data Center and AI (DCAI) revenue was $7.3 billion, up 17% from the previous quarter and nearly 80% from a year earlier, according to the Yahoo Finance earnings call summary.

Sources disagree on whether revenue beat expectations. Yahoo Finance and GuruFocus said revenue came in slightly below estimates, while Shacknews reported a beat. Either way, the gap was small.

Q4 guidance: Intel forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, with GAAP EPS of $0.10 and non-GAAP EPS of $0.25, according to its earnings release. Guidance is the forecast a company gives for upcoming results, and this one was below what analysts had expected, per Yahoo Finance.

Why did Intel stock drop?

Investors looked past the earnings beat and focused on the outlook. Three issues stood out.

1. Supply problems. Yahoo Finance reported that Intel revealed supply and production problems on the server side, holding back growth in a part of the chip market where demand is strong. Shacknews reported that a shutdown at Intel's Fab 28 factory in Israel, after an accident, is expected to cut fourth-quarter revenue by about $300 million and gross margin by about 2 percentage points.

2. A weaker PC business. Intel warned that high memory prices and component shortages are weighing on desktop and laptop demand, with the downturn expected to continue into 2027, according to 24/7 Wall St.. Shacknews reported that the client computing group's revenue fell 9% in Q3 and that Intel expects it to drop more than 20% from the previous quarter in Q4.

3. High expectations. The stock had rallied hard in 2026, so there was little room for disappointment. Year-to-date figures vary: 24/7 Wall St. and other outlets cited gains of roughly 78% to 87% for the year even after the drop, depending on the time of measurement.

How analysts reacted

Several analysts turned more cautious. CNBC reported that analysts urged caution about buying the dip, and that Bank of America, Roth Capital Partners and Seaport Research Partners all downgraded the stock to neutral from buy on Friday.

• Bank of America: Analyst Vivek Arya cut his price target (the price an analyst expects within about a year) to $100 from $145, according to Benzinga. He said Intel's data center gains were "more than offset by PC/supply headwinds."
• Roth Capital: Cut its target to $70 from $120, per Defense World.
• JPMorgan: Lowered its target to $80 from $85, according to Defense World.
• Truist also cut its target, per Defense World.

Other analysts pointed to lower margins, heavy spending on Intel's foundry (contract chip-making) business and the risk that Intel may not generate free cash flow in 2027, Benzinga reported. These are opinions, not forecasts of where the stock will trade.

What it means for semiconductor stocks

The sell-off spread across the sector. On October 30, AMD fell about 10%, Dell about 13% and Nvidia about 3%, according to 24/7 Wall St.; Benzinga put AMD's drop at 9.3% during the session. Bank of America's Arya flagged the PC slump as a headwind for AMD too.

The broader market also slid. Yahoo Finance's market coverage said disappointing Intel and Amazon results fed worries about AI spending, and the Nasdaq Composite fell 2.86% that day. For the full picture, see our October 30 market wrap, our look at the Nasdaq's 2.9% fall and our report on Amazon's earnings.

Because chip supply chains run through Asia and Europe, a sharp move in a US chipmaker can affect sentiment toward semiconductor stocks globally. If you are wondering what this means for the AI trade, our guide on whether the AI stock bubble is bursting covers how to think about tech volatility.

What to watch next

• AMD earnings on Tuesday, November 3. FXEmpire called AMD another important test for the semiconductor sector after Intel's results. See our earnings week preview.
• Supply updates. Watch for news on Intel's server supply constraints and the Fab 28 restart.
• PC demand and memory prices. Intel tied its weak PC outlook to memory costs and component shortages.
• Spending language from other tech companies. Investors are reading every forecast for signs of an AI spending slowdown.

FAQ

Why did Intel stock drop?

Intel's fourth-quarter revenue guidance came in below expectations, and the company disclosed server supply problems and a weakening PC business. Several analysts downgraded the stock on October 30, adding to the sell-off.

Did Intel beat earnings in Q3 2026?

Yes on profit: adjusted EPS was $0.52 against about $0.41 expected, per 24/7 Wall St.. Sources disagree on whether $16.5 billion in revenue beat or slightly missed estimates.

How much did Intel stock fall?

About 28.6% to 29% on October 30, 2026, from $92.07 to roughly $65–66, depending on the source and time of measurement.

What is Intel's Q4 2026 guidance?

Revenue of $15.0 billion to $16.0 billion, GAAP EPS of $0.10 and non-GAAP EPS of $0.25, according to Intel's earnings release.

Did other chip stocks fall with Intel?

Yes. AMD fell about 9–10% and Nvidia about 3% on October 30, per 24/7 Wall St. and Benzinga.

Sources

• Intel Q3 2026 earnings release (SEC filing)
• Traders Union: Intel shares plunge 29%
• Yahoo Finance: Why Intel stock crashed on Friday
• Yahoo Finance: Intel Q3 2026 earnings call highlights
• Yahoo Finance live blog, October 30
• 24/7 Wall St.: Intel plunges as weak outlook and PC slump overshadow earnings beat
• 24/7 Wall St.: Commerce Department's Intel stake
• Benzinga: Intel stock eyes worst day since 1974
• GuruFocus: Intel Q3 2026 earnings
• Shacknews: Intel Q3 2026 earnings results
• CNBC: Intel not a buy after drop
• Defense World: Roth Capital downgrade
• Defense World: JPMorgan target cut
• Defense World: Truist target cut
• InvestingLive: Earnings bloodbath
• FXEmpire: The week ahead

This article is for informational purposes only and is not financial advice. Markets move quickly; check live prices before making decisions.