The Indian stock market was hit by a crash towards the end of the week, as it witnessed Adani Group firms go through meltdown as they crashed 20 per cent over Hindenburg's report. But while India's top conglomerate lost almost $50 billion in market value, global chipmaking giant Intel lost $8 billion in a historic crash as well. The tech firm's stock went down by 6.4 per cent while its rivals gained as much as 2.8 per cent to end the day.
The firm synonymous with microchips globally, nosedived on the market after forecasts showed dismal revenues for it. The gloomy predictions also highlighted a drop in demand for personal computers, in the middle of a recession. Intel's data centre business isn't doing well, adding further pressure to bog down earnings and subsequently its stocks.
Intel's market share dropped from 87 per cent to 70 per cent, since rival chipmakers Advanced Micro Devices (AMD) and Taiwan's TSMC are faster at making semiconductors. AMD's stocks also gained 0.3 per cent on the market, while NVIDIA was up 2.8 per cent. Brokerages are also expressing concern about Intel's cash position, and aren't optimistic about its original plans to scale up production.
Under pressure to cut costs, Intel has also joined tech firms laying off employees, and has plans to fire 378 people from its Silicon Valley headquarters.
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