Intel’s stock fell 29% to about $65 per share after quarterly results raised doubts about the pace of the company’s turnaround. Although earnings beat estimates, revenue slightly missed consensus, fourth-quarter guidance came in below expectations and weakness in the personal computer market was compounded by high memory chip pricing. Intel also reported server production capacity problems, even as data center and artificial intelligence revenue rose nearly 80% to $7.3 billion. Bank of America, Roth Capital Partners and Seaport Research Partners downgraded the stock to neutral, while JPMorgan and Goldman Sachs lowered their price targets and New Street upgraded the rating to buy. Following the decline, the U.S. government’s 433 million-share stake shed about $11 billion in value but remains roughly $20 billion above its purchase cost.
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