Intel shares tumble as PC slowdown and Israel fab blast hit outlook
Intel's shares fell nearly 30% on 2 November after the company warned that weaker personal-computer demand and a $600 million revenue hit from an explosion at its Fab 28 plant in Kiryat Gat, Israel, would depress fourth-quarter results, while it said its data-center and AI businesses should drive growth, according to Yahoo Finance. On 29 October Intel warned of weaker PC demand, higher cash burn and the same $600 million revenue loss from the Israel blast, projecting fourth-quarter revenue of $15-$16 billion, below analysts' expectations. The outage also reduced its gross margin by roughly two points and tightened supply of 10-nanometer server chips.