Intel shares fell as much as 30% Friday, trading at $65.58 on the Nasdaq at 10 a.m. on October 30, down 28.77% from the previous session and erasing more than $100 billion in market value. The decline followed Intel’s forecast of fourth-quarter adjusted earnings per share of $0.25 on revenue of $15 billion to $16 billion, below estimates of $0.43 and $17.07 billion. The selloff was on track to become Intel’s worst since 1974 and potentially its worst on record, depending on the closing price. Intel’s weak outlook overshadowed a strong quarter, including adjusted earnings per share of $0.52 and data-center revenue of $7.3 billion, up almost 80% from a year earlier. The company said PC shipments could fall about 12% in 2026 and another 10% in 2027 as artificial-intelligence data centers absorb memory chips and push up prices. An accident at Intel’s Israel factory is expected to reduce fourth-quarter revenue by about $300 million. The broader technology selloff pushed the tech-heavy Nasdaq Composite down more than 2% and the Philadelphia Semiconductor Index down 5.67%, while Amazon, Nvidia, AMD, Broadcom, SanDisk, SK Hynix, Micron, Applied Materials, Lam Research and TSMC also declined. SOXL, a three-times leveraged semiconductor ETF, fell more than 20%. Concerns over the cost of expanding AI infrastructure and pressure on profitability further weakened investor sentiment. The U.S. government’s 9.9% Intel stake lost about $10 billion in paper value but remained worth roughly three times its purchase price. Intel shares had nearly quadrupled from the start of 2026 to a June 22 record and remained up more than 80% for the year after Friday’s drop, although they had surrendered about half their value from that peak.