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Intel Shares Plunge 30% After Weak Forecast
Intel shares fell nearly 30% to $65.76 on Friday, wiping out more than $146 billion in market value. The selloff was driven by a fourth-quarter forecast that fell short of Wall Street expectations, despite a strong earnings report. Intel's Data Center and AI division generated $7.3 billion in revenue, up 78% year over year, but the company cannot manufacture enough chips to capitalize on the booming demand for its processors. Adjusted earnings per share are expected to fall to $0.25, compared with Wall Street's $0.43 estimate.