Intel shares plunged, on pace for one of their worst days ever, after the company forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, below the $17.1 billion Wall Street expected. Although third-quarter revenue of $16.51 billion and adjusted EPS of $0.52 beat expectations, PC chip revenue fell 5% year over year to $8.1 billion. CFO David Zinsner warned the slowdown would last at least through the first half of 2027, and the company projects a 38% gross margin, down from 44.1% in the third quarter. The main cause cited is higher PC prices driven by memory costs, which led customers to pull back, and Micron shares also fell about 5.5%.
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