Intel shares plunged 29% on Friday, their worst day since the 1970s, after the company forecast this quarter's revenue would be $1 billion to $2 billion below analysts' estimates amid a weak PC market hit by rising memory costs. The stock had already dropped 45% in October, the steepest monthly decline on record according to FactSet. Despite spending a large chunk of its $108 billion in capital expenditures over about five years to challenge TSMC in foundry, Intel still has no marquee customer for its most advanced chips. Data center revenue rose 78% to $7.3 billion in the third quarter, but Intel says it can't make enough chips to meet demand and is shifting some Oregon capacity from 18A to the older Intel 3 node, which could complicate efforts to win outside foundry customers. CEO Lip-Bu Tan said “a couple customers” would be announced within the next two quarters.
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