Intel’s stock crashes, knocking $12B from government’s stake

Intel's stock plummeted 28% after a weaker-than-expected outlook for the fourth quarter, causing a $12 billion loss for the government's stake. The decline was attributed to PC sales being hurt by the AI industry's demand for memory and components, leading to increased PC prices. Intel's data center business, however, saw a 78% revenue growth year-over-year. The company's investment in its fabs and external customers is hampered by its limited capacity and competition from Taiwan Semiconductor Manufacturing Co. The stock is still up over 70% for the year, despite the recent drop.