Intel Corp., the largest maker of computer processors, dragged down chip industry stocks after executives said a weaker economy will affect demand and hurt financial performance.<\/p>\n
\u201cI think on the macro side, clearly, it\u2019s weaker,\u201d Chief Financial Officer Dave Zinsner said Tuesday at a Bank of America conference.<\/p>\n
\u201cThat\u2019s clearly going to impact us, as it will virtually everybody else in not only the semiconductor industry but globally in terms of corporations.\u201d<\/p>\n
Zinsner\u2019s comments added to concern that booming demand for semiconductors and electronics in general is going to be slowed by inflation and weaker consumer and corporate spending.<\/p>\n
Zinsner declined to update the company\u2019s projections for the second half of the year, forecasts that some analysts had already projected were too optimistic.<\/p>\n
The Santa Clara, California-based company\u2019s products are the heart of the majority of the world\u2019s personal computers and are the key component in most of the servers that run data centers and corporate networks.<\/p>\n
Intel shares fell 5.3% to $41.23 at Wednesday\u2019s close in New York, the lowest price since October 2017.<\/p>\n
Intel\u2019s drop paced declines by semiconductor industry stocks. Advanced Micro Devices Inc. dropped 3.2% while Nvidia Corp. fell 1.5%. The Philadelphia Stock Market Semiconductor Index declined 2.4%.<\/p>\n
In April, Intel gave a disappointing second-quarter sales and profit forecast, indicating weaker demand for all types of its semiconductors.<\/p>\n
PC chip revenue dropped in the first quarter as some customers cut orders to reduce unsold inventory and consumers bought fewer devices for education purposes, Intel said at the time.<\/p>\n
Nonetheless, Intel executives stuck by annual projections arguing that demand would improve in the second half of the year.<\/p>\n
\u201cI think we\u2019ll wait to give a firm number when we get all the data for this quarter,\u201d Zinsner said at the conference. \u201cAt this point, I would just say it\u2019s gotten a lot noisier than it was even a month ago.\u201d<\/p>\n
Intel Corp., the largest maker of computer processors, dragged down chip industry stocks after executives said a weaker economy will affect demand and hurt financial performance.<\/p>\n","protected":false},"author":341034,"featured_media":431060,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[19],"tags":[577,131,3838],"class_list":["post-448040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-amd","tag-intel","tag-nvidia"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/448040"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=448040"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/448040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/431060"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=448040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=448040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=448040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}