‘Biggest-drop in 50 yrs’: Intel loses $30 billion-plus in market value in 1 day

Intel Corporation witnessed its sharpest single-day stock drop since 1974, losing over $30 billion in market value. The company halted its dividend and announced a 15% workforce reduction amid competition from rivals like TSMC. Intel aims to gather $40 billion through cost cuts and subsidies, though analysts predict a lengthy recovery period.