Intel shares fell about 28% on Friday to record $21,48, and on track for their worst day since 1974, after the company halted its dividend and cut staff to finance a costly transformation of its chip business.
The company is on track to lose about $35 billion in market value after its disappointing outlook and plans to cut 15% of jobs raised concerns about its ability to catch up with Taiwan Semiconductor Manufacturing Co. and other companies in the sector.
Intel, which has been lagging rivals in chips that adapt to artificial intelligence, said Thursday it wants to cut $10 billion in costs by laying off some of its employees.
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