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Intel stock tanks after earnings show they're getting smoked by their rivals

Big tech’s money is going to data centers and chips. The problem for Intel is that it isn’t getting any.

The chip making powerhouse of yesteryear recorded a $1.61 billion loss and a 1 percent drop in revenue, per its earnings report released on Thursday. Adjusted earnings per share was 2 cents, compared to 10 cents expected by analysts.

Intel shares sank 29 percent on Friday morning, its biggest drop since 1974, marking over $35 billion in market cap erased. The stock is trading at its lowest since 2013.

The earnings miss resulted from a combination of overspending, competition, and product mix. CFO David Zinsner said that profitability was affected by the accelerated production of AI PC chips, while demand for personal computers declined last year. Customers also turned to rivals including Nvidiaand AMD, resulting in more competitive pricing. Meanwhile, CEO Patrick Gelsinger’s plan to build new factories also points to ongoing cost pressures.

Intel unveiled plans to cut costs, including slashing 15 percent of its workforce, or 17,500 jobs, and suspending its dividend.

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General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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